BTC Will Skyrocket? This Glassnode Data Finding Gives More Detailed Indications!

<p>&nbsp;Glassnode, a leading on-chain analytics platform, has recently provided insight into the current state of the Bitcoin market. According to their analysis, when the market rallied below the $30,000 price level, approximately 75% of the total Bitcoin supply was held in a profitable position, while the remaining 25% was held at a loss. Interestingly, this distribution is almost identical to the balance achieved during the price midpoints in 2016 and 2019.</p><p><br /></p><p>At the time of writing, the Bitcoin price is at $30,753.52, reflecting a 1.18% increase over the past 24 hours. Prices have fluctuated in the range of $30,358.10 to $30,831.81. Standard Chartered, a leading international bank, and Robert Kiyosaki, have predicted that Bitcoin could reach $120,000 by 2024.</p><p><br /></p><p><br /></p><p>In addition to analyzing the remaining supply, Glassnode data revealed that the number of wallets holding at least one bitcoin has reached an all-time high of 1,008,737 million.</p><p><br /></p><p>Bitcoin's next significant move will be influenced by CPI data and unemployment claims data. After the CPI data was released BTC traded higher at a trading level of $30,774.15.</p><p><br /></p><p>The market eagerly awaits the next Bitcoin Halving event which is estimated to be over 282 days away. The halving is expected to reduce the block subsidy from the current 6.25 BTC to 3.125 BTC</p>