With the recent devaluation of the Real, this valuation of the Bitcoin is felt even more by Brazilian investors, who have in Bitcoin an anchor against this inflation.
This week PayPal announced integration with Bitcoin, allowing its customers to start trading digital assets. Naturally this ended up causing the digital currency to have a strong rise, which left 98% of investors in a profit zone, according to statistics from Glassnode.
The percentage of UTXO (unspent transaction output) in profit margin is 98%. UTXO is a relatively complex metric, but according to Glassnode, it is a good representation of the number of unspent Bitcoins being held in portfolios. Glassnode announced this important metric on their Twitter, saying:
„98% of Bitcoin UTXOs are in a profit state. A level that hasn’t been seen since December 2017 and other typical moments of a bull market“.
The news, of course, is very good for the investors, which had a good capital growth if they are maintaining Bitcoin in the last months. Still according to Glassnodes information, Bitcoin investors had an investment valuation of 72.4% on the last 12 months, 34.9% during the last 90 days and 22% on the last 30 days. These numbers still maintain Bitcoin as one of the best actives of the decade.
With the recent devaluation of the Real, this valuation of Bitcoin is felt even more by Brazilian investors, which have in Bitcoin an anchor against this inflation.
For many analysts this is a very important moment for the digital asset, with the price seeking a new support on the current value. Since the beginning of 2018 that Bitcoin can’t find decisive support levels in the level of US$ 12 thousand, now, with the asset passing US$ 13 thousand, it is necessary to find this point to move forward.
Fxpro senior analyst Alex Kuptsikevich said that this could be the beginning of a new historic high if the asset does not go into overbought level.
„Closing the week at $12,800 would be the highest level in two and a half years, opening a direct path of growth to historic levels of $20,000, as we saw three years ago“.
Bitcoin’s high „follows schedule“ of famous analyst
One of the analysts who were celebrating Bitcoin’s recent high was PlanB, well known for having designed the Stock-to-Flow model that foresees Bitcoin at $100,000 in 2021.
PlanB always defends that its graph is accurately following the price. This time it was no different, when he ticked that the price is „Working like clockwork“, adjusting this new high to the model he elaborated.
PlanB’s forecast may seem crazy to some (with BTC reaching US$ 1 million in 2024), but it is followed by many investors as a possibility.