ChainCatcher News reports that, according to Coindesk, a repeatedly validated on-chain indicator has once again attracted market attention.
Data shows that when the supply of Bitcoin in profit and the supply in loss show a significant convergence, it often corresponds to a market bottom during a bear market cycle. According to Glassnode data, approximately 11 million BTC are currently in profit, while another 8.9 million BTC are in unrealized loss. Historically, when these two indicators approach parity, Bitcoin has repeatedly completed cyclical bottoms. Based on current cost basis calculations, further convergence of profit and loss supply could mean that Bitcoin’s spot price is approaching the $60,000 range. This signal has appeared in 2015, 2019, 2020, and 2022, and closely coincides with major market lows. Analysis indicates that as prices fluctuate around the overall market cost basis, Bitcoin shifts between “profit supply” and “loss supply,” reflecting overall investor pressure and sentiment clearing. If history repeats, this indicator could serve as a key reference for determining whether this bear market is nearing its end.
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