Indeed, an area of intersection between supply loss and profit, in which Bitcoin is standing at the moment, might be the perfect area to ‘accumulate for a fresh start,’ as per an analysis published on November 29 by BinhDang, a member of the crypto analytics platform CryptoQuant.
Four cycles of intersection
As the analyst explained: In terms of this bear season, BinhDang said that “it was only when the price dropped to the current level that I saw this intersection area appear,” citing the total circulating supply of 19,219,377 BTC, of which ‘supply and loss’ accounts for 53% (10,196,728 BTC), and ‘profit supply’ for 47% (9,016,619 BTC). As the expert specified:
Bitcoin price analysis
Meanwhile, the price of Bitcoin at press time stood at $16,490, recording modest gains of 1.72% on the day and 4.98% across the week, whereas its loss on the monthly chart amounted to 20.48%, according to the data retrieved by Finbold on November 29. Notably, Bitcoin’s current pattern of sideways trading could just be the calm before the storm, as multiple technical analysis (TA) indicators have suggested that the flagship decentralized finance (DeFi) token could be in for a major upward move in 2023. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
