A crypto analyst has spotted a potential bullish signal for Bitcoin. This signal could mean a big price jump is on the horizon!
What’s the Signal?
The signal is based on something called UTXOs (Unspent Transaction Outputs). Basically, it’s a way to track how many Bitcoin coins are held by people who are currently making money.
The analyst noticed that the percentage of Bitcoin UTXOs in profit has been dropping steadily. It’s now at its lowest level since October 2023. This means that more and more people are holding Bitcoin that’s currently losing value.
Why Could This Be Good News?
Historically, when the percentage of Bitcoin UTXOs in profit drops to this level, the price of Bitcoin has gone on a huge rally. The last time this happened, Bitcoin surged by a whopping 175%!
This doesn’t mean that a similar rally is guaranteed, but it’s definitely something to keep an eye on.
What’s Happening With Bitcoin Now?
Right now, Bitcoin is trading around $54,000. It’s down about 4% in the last 24 hours and more than 9% in the past week.
The Takeaway
While the current market sentiment might be a bit gloomy, this on-chain signal could be a sign that Bitcoin is about to bounce back. It’s important to remember that past performance isn’t a guarantee of future results, but this signal is definitely worth paying attention to.
