Leading analyst known under the alias “PlanB,” the author of the Stock-to-Flow model for Bitcoin, has taken to the Twitter/X social media network to share with the community some good news about the world’s leading cryptocurrency, BTC.
Majority of Bitcoin in profit now, further rise expected: PlanB
PlanB shared a BTC chart that shows that 90% of all Bitcoin is in profit at the moment. This is the highest value of this graph since Bitcoin reached an all-time high of $69,000 in mid-November 2021.
In a YouTube video, a link to which was shared in the tweet, PlanB provided a more detailed analysis of this scheme. Currently, the chart shows orange dots, which means the 90% of all mined Bitcoins are in profit.
PlanB explained that red dots will be on the chart when 100% of all Bitcoin becomes profitable. Red here always follows the current orange ones. PlanB does not expect the profitability to drop to 60% now (yellow dots on the chart) since first this metric must hit the “red” level of profitability. Currently, the analyst added, only those who bought Bitcoin at the 2021 price peak are in loss and everybody else holding BTC is in profit now.
This is likely to be achieved after the approaching Bitcoin halvening event in the middle of April this year, the fourth one in Bitcoin’s history. Looking at the chart, it becomes clear that the previous times when Bitcoin reached the “red” level was in 2021, when BTC reached the ATH after the 2020 halving. Previously, the same level was briefly hit in 2019, and before that in 2018 after the all-time high of $20,000 reached in December 2017.
Whales continue to buy BTC
As reported by a popular cryptocurrency trader and analyst on Twitter, Ali Martinez, Bitcoin whales keep accumulating BTC. Per his data, there are 73 new crypto whales who now own 1,000 Bitcoins and more. This represents an increase of 3.66% over the last two weeks.
According to Santiment, however, the number of wallets holding Bitcoin continue to decline. This is happening despite the fact that it has been less than four weeks since the SEC approved spot-based Bitcoin ETFs. This could be happening because of FUD, Santiment believes.