In recent news, a report by CryptoQuant has shown that the upward trend for Bitcoin has already begun. The report highlights the average unrealized profit and loss for Bitcoin, as well as the average daily BTC price for the same period. Interestingly, the report indicates that when the average unrealized profit/loss ratio entered the 0.5 range, there was a significant increase in Bitcoin’s price. Similarly, when the ratio exceeded “1,” it appeared to signal Bitcoin’s bottom.
According to the report, the current ratio is approaching 0.6, which suggests that Bitcoin has hit its bottom and that the upward trend has already started. This news will undoubtedly be welcome news for investors who have been eagerly awaiting a positive trend in the cryptocurrency market.
Last year, the ratio exceeded “1” and then sharply dropped, indicating that Bitcoin had reached its bottom and was now on an upward trend. This year, the ratio is once again approaching the 0.5 range, and analysts are expecting a similar increase in Bitcoin’s price.
The report by CryptoQuant is significant because it indicates that the cryptocurrency market is stabilizing after a volatile year. The report also provides valuable insights for investors who are looking to make informed decisions about their investments.
The news of Bitcoin’s upward trend is a welcome development for the cryptocurrency market, which has seen its fair share of ups and downs over the years. The report by CryptoQuant is a positive sign for investors, and it will be interesting to see how the market responds to this news in the coming days and weeks.
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