Prominent analyst “PlanB,” the creator of the Stock-to-Flow model for Bitcoin, has turned to the social media platform Twitter/X to share some positive news regarding the world’s most popular cryptocurrency, Bitcoin, with the community.
Majority of Bitcoin in profit now, further rise expected: PlanB
According to a Bitcoin graphic released by PlanB, 90% of all Bitcoin is currently profitable. Since Bitcoin achieved its all-time high of $69,000 in mid-November 2021, this graph has attained its maximum value.
PlanB gave a more thorough study of this technique in a YouTube video, the URL to which was included in the tweet. At present, the graph displays orange dots, indicating that 90% of all Bitcoins that are mined are profitable.
Red dots, according to PlanB, will appear on the chart when all of Bitcoin is lucrative. Here, red always comes after the orange ones that are in. Since this metric must first reach the “red” level of profitability, PlanB does not anticipate that the profitability will drop to 60% at this time (yellow dots on the chart). The expert went on to say that at this point, the only people who lost money on Bitcoin purchases made at the 2021 price high were those who held the cryptocurrency.
https://x.com/100trillionUSD/status/1755212852774805682?s=20
This is probably going to be accomplished following the fourth Bitcoin halving event in history, which is scheduled for mid-April of this year. The graphic makes it evident that the last time Bitcoin touched the “red” level was in 2021, following the 2020 halving, when it hit the ATH. Prior to that, in 2018, following the all-time high of $20,000 set in December 2017, the same amount was momentarily attained in 2019.
Whales continue to buy BTC
According to a renowned trader and analyst on Twitter named Ali Martinez, Bitcoin whales continue to amass Bitcoin. 73 new cryptocurrency whales, according to his research, currently possess 1,000 Bitcoins or more. This indicates a rise of 3.66% during the previous fortnight.
Santiment claims that the quantity of wallets containing Bitcoin is still decreasing. Even though the SEC allowed spot-based Bitcoin ETFs less than four weeks ago, this is still taking place. FUD may be the source of this, according to Santiment.
