{"id":17993,"date":"2024-10-22T19:49:30","date_gmt":"2024-10-22T16:49:30","guid":{"rendered":"https:\/\/forklog.com\/en\/experts-warn-of-bitcoin-correction-risks-amid-high-paper-profit-volumes\/"},"modified":"2024-10-22T19:49:30","modified_gmt":"2024-10-22T16:49:30","slug":"experts-warn-of-bitcoin-correction-risks-amid-high-paper-profit-volumes","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/experts-warn-of-bitcoin-correction-risks-amid-high-paper-profit-volumes\/","title":{"rendered":"Experts Warn of Bitcoin Correction Risks Amid High &#8216;Paper Profit&#8217; Volumes"},"content":{"rendered":"<p>On-chain researcher and CryptoQuant author Axel Adler Jr. observed that 94% of Bitcoin&#8217;s supply is &#8220;in profit.&#8221; According to his observations, most coins were acquired at the $55,000 mark.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">94% of the Bitcoin supply is in profit, with the majority of coins having been purchased at the $55K level. <a href=\"https:\/\/t.co\/ccHeFIJJa3\">pic.twitter.com\/ccHeFIJJa3<\/a><\/p>\n<p>\u2014 Axel ?? Adler Jr (@AxelAdlerJr) <a href=\"https:\/\/twitter.com\/AxelAdlerJr\/status\/1848604764428292514?ref_src=twsrc%5Etfw\">October 22, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Expert Checkmate noted a &#8220;shift in sentiment&#8221; in the market. As an example, he cited short-term investors purchasing digital gold at local lows in recent months.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Over 94% of the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> supply is now back in profit.<\/p>\n<p>In particular, Short Term Holders have been rewarded for buying the chopsolidation dip in recent months, with almost all of their holding back in the money.<\/p>\n<p>This reinforces Buy-the-Dip behaviour, and is a sentiment tailwind <a href=\"https:\/\/t.co\/97yw1Dqp9I\">pic.twitter.com\/97yw1Dqp9I<\/a><\/p>\n<p>\u2014 _Checkmate ??\u26a1\u2622\ufe0f?\ufe0f (@_Checkmatey_) <a href=\"https:\/\/twitter.com\/_Checkmatey_\/status\/1848493958181380132?ref_src=twsrc%5Etfw\">October 21, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Historically, such high levels of unrealized profit have been precursors to significant price corrections for the leading cryptocurrency.\u00a0<\/p>\n<p>For instance, when this metric reached similar levels at the end of September, by the beginning of the next month, Bitcoin &#8220;slipped&#8221; from $65,800 to $60,000 (-8.7%) as many market participants locked in short-term profits.\u00a0<\/p>\n<p>Bitcoin&#8217;s price has shown similar dynamics against the backdrop of analogous on-chain indicators in past cycles, such as during the bull markets of 2017 and 2021.<\/p>\n<h2 class=\"wp-block-heading\">Resistance at $69,000<\/h2>\n<p>On October 21, Bitcoin&#8217;s price reached $69,000 but then corrected to around $67,000.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;Currently, BTC is facing resistance in the form of a major liquidity zone,&#8221; <a href=\"https:\/\/x.com\/juskotrader\/status\/1848662001540596089\">noted<\/a> a Japanese trader known as Jusko Trader.<\/cite><\/p><\/blockquote>\n<p>In his view, the recent price pullback was &#8220;healthy&#8221; and represents a sort of reset before resuming growth.<\/p>\n<p>Analysts at Greeks.live <a href=\"https:\/\/x.com\/GreeksLive\/status\/1848730873694486641\">noted<\/a> a significant increase in funding rates on the Bitfinex exchange \u2014 up to 30% per annum. In their opinion, this is a strong bullish signal, indicating an increase in positions by major players.<\/p>\n<p>Previously, options traders bet on Bitcoin rising above $80,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On-chain researcher and CryptoQuant author Axel Adler Jr. observed that 94% of Bitcoin&#8217;s supply is &#8220;in profit.&#8221; According to his observations, most coins were acquired at the $55,000 mark.<\/p>\n","protected":false},"author":1,"featured_media":17992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480],"class_list":["post-17993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=17993"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17993\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/17992"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=17993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=17993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=17993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}