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The blockchain intelligence firm Glassnode says a key Bitcoin price indicator suggests the crypto market remains in the early days of a long-term bull run.
According to Glassnode, the number of BTC addresses with unrealized profit is at similar levels to the start of three major rallies.
Unrealized profit is calculated by taking the difference between the current BTC price and the price at the time that Bitcoin in a given address last moved.
It’s a sign of how many traders are determined to hold on to their investment.
Meanwhile, Bitcoin’s hash rate is hitting new all-time highs.
The hash rate is a mathematical representation of the amount of computing power dedicated to processing Bitcoin transactions.
The higher the number, the stronger and more secure the network. The high water mark suggests miners that power the leading cryptocurrency are feeling bullish on their ability to turn a profit by powering the network.
Owning One Bitcoin (BTC) Will Soon Be Out of Reach for 99.8% of World’s Population, Says Morgan Creek Digital Co-Founder
Morgan Creek Digital co-founder Jason Williams says owning a single Bitcoin will soon be out of reach for the vast majority of the world’s population as Bitcoin (BTC), the leading cryptocurrency by market cap, eventually moves past the upcoming halving event in May.
Williams highlights the popular stock-to-flow model by crypto analyst PlanB in the run-up to the Bitcoin halving.
The event, which happens approximately once every four years, cuts the supply of new Bitcoin entering the market in half.
According to Williams, the halving could make Bitcoin too expensive for the average Joe to afford, if in fact the event has a similar impact on price as the past two halvings.
Several crypto influencers have released high-flying Bitcoin price targets due to the halving. Tim Draper, founder of Draper Associates, predicts the halving event will push the cost of Bitcoin to over $250,000 before 2023.
By that time, he expects BTC to become the currency of choice.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.