- CryptoQuant analysts noted that 97.3% of UTXOs on the Bitcoin network are now profitable.
- They noted that investors could use this opportunity to take profits, which could potentially lead to a correction.
Analysts at CryptoQuant warned that given current market conditions, Bitcoin investors may begin to take profits, which has historically led to a correction.
“Now 97.3% UTXO are in profit. This means we need to be more careful as we could see possible selling pressure in the next period if Bitcoin investors want to take profits,” the analysts said in a statement.
CryptoQuant noted that UTXO can remain profitable for a long period. The company also suggested that “the distribution process occurs with multiple participants entering the market.”
“If investors’ faith in Bitcoin price growth remains unshaken, a possible Bitcoin price correction may be delayed until investors believe the gains are good enough to realize,” the experts said.
Let us remind you that earlier CryptoQuant predicted the growth of Bitcoin to $112,000 against the backdrop of an influx of funds into cryptocurrency ETFs.