The proportion of Bitcoin’s supply to profit is very high and reaches the same area as the 2019 secondary peak. It also matches the peak of 2020 (in blue) before the halving.
Bitcoin may extend to $62,000, but the risks are high, especially with the increasing ownership that could shake digital currencies at any moment.
I treat Bitcoin as an indicator of the market and do not invest in it. Naturally, the profit percentage in other currencies is much higher, except for those who bought Bitcoin at cheap prices and are long-term investors because it has a guaranteed asset and less risk in dealing compared to other currencies.
With the rising open interest rate to an unprecedented number and the increasing profit ratio against supply, and the rise in Bitcoin’s price to levels never seen before in the past before the halving, it indicates a change in Bitcoin’s behavior. Everyone should be prepared to accept the upcoming movement.
I reiterate that everyone will benefit, God willing, from the upcoming bull market in alternative currencies. It is a mistake to rush and enter now until we see the market’s reaction to Bitcoin’s movement and its indicators BTC