Bitcoin price eyes $48,000 target amidst rising profitability of long term BTC holders
NEW YORK (December 20) Bitcoin price sustained nearly 3% weekly gains as price steadied above the $42,500 level on Wednesday. According to a recent Glassnode report on Bitcoin, in 2023, long-term, short-term and average holders turned from unprofitable to a moderately profitable state following Bitcoin price gains in the fourth quarter. While the unrealized profit-loss ratio is not at a euphoric high, it has crossed the break-even level.
At the time of writing, Bitcoin price is at $42,600 on Binance.
Also read: Bitcoin price could climb to $45,000, alongside updates in Spot Bitcoin ETF filing by BlackRock
Daily Digest Market Movers: Bitcoin held by long-term holders hits highest level in 2023
- According to Glassnode’s 2023 review for Bitcoin, Ethereum and altcoins, BTC held by long-term holders hit 14.9 million Bitcoin as of December 17.
- Between January 1 and December 17, 2023, Bitcoin’s long-term holders added 825,000 BTC to their holdings, as seen in the chart below.
- In the same timeframe, short-term holder supply dropped by 506,000 to,2.317 million BTC tokens on December 17.
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