Bitcoin (BTC) has successfully proven the “Uptober” theory with substantial gains throughout this month. The leading cryptocurrency is inching closer to its all-time high (ATH) of of $73,835. The Bitcoin price reached this price level on March 1, 2024, amid the hype around the launch of Bitcoin spot ETFs. Now, the community is anticipating a new ATH as bullish sentiment prevails on the market.
Moon-vember rally
There is a strong likelihood of Bitcoin achieving this milestone by the end of this month, which has only two days left in it. Even if not, analysts and traders are also bullish about the month of November, referred to as “Moon-vember” by renowned analyst Ali Martinez. The term “moon” is very famous in the community, referring to potential price breakouts.
November has historically been bullish for the price of BTC. Just like Uptober, Moon-vember is also expected to bring substantial gains for the leading cryptocurrency, as well as altcoins. Amid this, Bitcoin bulls are already reaping the benefits of the recent price gains. In a notable development, the majority of BTC holders are now in profit.
Bitcoin bulls in profits
Taking to X (formerly Twitter), IntoTheBlock revealed that almost 99% of Bitcoin holders are currently in profits. This comes as the Bitcoin price gets closer to its all-time high. The analytics platforms further highlighted that these profitability levels were also seen back in June. However, BTC failed to trigger a breakout at that time.
99% of Bitcoin holders are in profit as Bitcoin pushes its all-time high.
The last time we saw these levels was in June, when Bitcoin ultimately failed to break through.
Will this time be different? pic.twitter.com/h1sspoELN2
— IntoTheBlock (@intotheblock) October 29, 2024
The crypto community is now anticipating that this time will be different. As of writing this story, Bitcoin is trading at $71,110.54 after a 3.76% jump in the last 24 hours. The trading volume of the coin has soared 116.86% during this time, currently sitting at $47.75 billion. The rising trading activity hints at the greater influx of investors, highlighting the positive sentiment.
