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Analysts: Bitcoin may be close to peaking, and the supply of BTC currently in profitable state exceeds 90%
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4 hours ago 2,978
According to Golden Finance, the price of Bitcoin has fallen 10% since its record high on the day of Trump's inauguration on January 20. While such volatility is not uncommon for a highly volatile asset like Bitcoin, BCA Research analysts warn that the cryptocurrency may be close to its peak. The company has been bullish on Bitcoin for the past two years. "We are worried that this fanatical optimism is a signal that the cryptocurrency market is close to the top," the BCA team said. They noted that the supply of Bitcoin, currently in profitability, is more than 90%—a percentage that historically is often a sign that Bitcoin prices have reached its peak. They also added that among the top ten financial apps with downloads, eight are cryptocurrency trading apps.
Keywords: Bitcoin
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