Since its inception in 2009, Bitcoin has been the leader of the cryptocurrency market and has gained immense popularity among investors worldwide. And with good reason – it was the first digital currency to utilize blockchain technology, making it decentralized and secure from government intervention or manipulation.
Over the years, Bitcoin’s value has risen exponentially, making early adopters millionaires or even billionaires while attracting more people to invest in this digital asset. There are several factors at play when it comes to Bitcoin’s profitability, and currently, the majority of addresses hold significant gains.
Currently, around 95% of Bitcoin (BTC) addresses are profitable, underlining the strong bullish sentiment in digital assets. This achievement aligns with a significant market rally where the total market capitalization surged by about 8% in the last 24 hours, crossing the $2 trillion milestone.
Bitcoin (BTC): Leading the Market
Bitcoin is leading the crypto market and its impressive performance has significantly boosted total market valuations. The BTC token surged by around 10%, hitting the $57,000 mark. Bitcoin market valuation surpassed $1.1 trillion, making over more than half of the entire crypto market capitalization.
At the time of writing, Bitcoin is trading around $56,951.31 and is only 17% below its all-time high of $68,789.63, achieved on Nov. 10, 2021. During the peak of the 2021 bull market, when Bitcoin prices surpassed $60,000, there was a notable increase in profitable Bitcoin addresses.
This resurgence in profitability among Bitcoin holders indicates a revival of optimism and confidence in the long-term potential of the cryptocurrency.
Moreover, a popular trader Peter Brandt shared a bullish forecast for Bitcoin’s future. He predicts a possible rise to $200,000 by the end of the current bull market cycle, projected for August or September 2025.
Also Read: MicroStrategy Bitcoin Investment Skyrockets to $4.65B in Unrealized Profit
What We Think About Bitcoin’s Future Potential
According to our technical analysis and market trends, we are expecting that the maximum price of Bitcoin can go as high as $89,319.62 by the end of 2024. The average price level of BTC is to be trading around $80,893.24 if everything goes as expected. However, if the market gets bearish or any major negative news in the crypto market, the value of Bitcoin can fall to its minimum price level of $75,837.42 by 2024.
Furthermore, the increase in profitability of Bitcoin addresses, along with positive forecasts from industry experts, highlights the rising confidence and positivity in the cryptocurrency market. We also think that Bitcoin may hit the $100k most awaited milestone this year if the crypto market stays bullish throughout the year.
However, as Bitcoin maintains its dominance and the broader crypto market gains fresh momentum, investors should approach with a blend of optimism and caution, implementing wise risk management due to the inherent volatility of the cryptocurrency industry.
Also Read: How Many Bitcoins Does Robert Kiyosaki Hold?
Disclaimer: The information in this article should not be considered anything as financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.
