Bitcoin is pumping and is now less than 2% away from creating a new all-time high. This means that the overwhelming majority of the Bitcoin supply is in profit—an extremely bullish signal for Bitcoin and all its holders. Such levels of profit typically indicate the beginning of a parabolic rise.
The chart above shows the percentage of Bitcoin supply in profit relative to the price of Bitcoin. Historically, whenever more than 90% of the Bitcoin supply is in profit, Bitcoin’s price often starts a parabolic move upward. As the percentage of coins in profit climbs to 95%, we commonly see Bitcoin setting new highs and continuing its upward trend as long as the supply remains above this 95% profit threshold. A decline below 95% after a prolonged period at or above this level has historically signaled a market top. Currently, the percentage of Bitcoin supply in profit has surged back above 90% and even 95%, pushing Bitcoin close to its all-time highs. We can expect prices to keep rising while this measure remains above 95% in profit. Keep an eye on this metric and subscribe to our morning note to stay informed if Bitcoin falls below this level.
With the U.S. election less than a week away, market volatility is anticipated to increase. This election could be one of the most impactful events in recent history, and with uncertainty around the outcome, heightened volatility is expected. While betting markets slightly favor a Trump victory, polls suggest it could go either way. Regardless of the result, even if a pullback occurs following a Harris win, our long-term conviction in BTC remains strong, with expectations for continued growth through 2025.
If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the new all time highs are made. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.
Stormrake Spotlight: DOGE ($0.16920)
Stormrake Spotlight: DOGE ($0.16920)
After four consecutive bullish days, Dogecoin has experienced its first pullback. This is a minor dip compared to the rally it is currently enjoying, and with Bitcoin showing strength, DOGE remains a leader in the space.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin narrowly missed its previous all-time high and is currently pulling back slightly. The 21 EMA and the key support level around $71.8k are likely to provide support and act as a bounce zone. If BTC bounces here, it may reload for another attempt at the ATH of $73,777. No signs of bearishness are present.
BTC Total ETF Flows for 29 Oct: $ + 227.2 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum has shown impressive performance over the past 24 hours, experiencing only a minor pullback to the 21 EMA and maintaining this level. We expect Ethereum to continue its bullish trend, using the 21 EMA as support on its way to the $2,840 target.
ETH Total ETF Flows for 30 Oct: $ - 3.6 million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
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