The latest data shows that 99% of BTC ownership has been profitable as Bitcoin remains the best performing asset in 2020 right next to stocks and gold. In our today’s Bitcoin news we can see how the price of Bitcoin will have to reach before it gets 100% profitable once again and what it will mean for the crypto market.
The first cryptocurrency has been a primary beneficiary of the post-pandemic world as the ultra-scarce asset managed to beat gold, stock valuations, and anything aside from the less liquid altcoins. In just ten years, Bitcoin performed over 100,000,000% in ROI which leaves only 1.5% of days unprofitable in the existence remaining. There’s only one single day in 2020 that buying Bitcoin was unprofitable and with the cryptocurrency trading below $20 below 2020 high, in a few other days, it could be knocked off the chart and get closer to 99%.
According to LookIntoBitcoin charts, there are now 99% of BTC ownership that was profitable with or 3663 profitable days holding BTC out of the total 3718 days. this represents 98.5% of Bitcoin’s entire lifecycle so far. With less than two months worth of unprofitable price action to surpass 100%, could not be far away. According to the latest BTC/USD price action data, the leading cryptocurrency by market cap spent more than 43 days above the current price level with a few wicks worth of one-day candle closing above it.
During the short spikes, anyone that sucked Bitcoin’s FOMO is still at a loss and either continued to hold until these changes or they would sell along with the way. Even fewer days were spent above $13,800 where the 2019 top was set. If Bitcoin can surpass this current high of 2020 of $12,466 the next target could be retesting 2019 high. The cryptocurrency’s bullish momentum will take out that resistance level with ease but it can also send it to the next pit stop at around $16,500 so Bitcoin spent about a handful of days above this level. Beyond this level, there’s the previous high of $20,000.
Above this level, Bitcoin could return to 100% profitability and back to the price discovery. Where it will find the peak, it will be a question remaining to be answered next year.
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