Will Bitcoin Continue Its Upward Trend? Evaluated with CryptoQuant Solutions

Bitcoin continues to attract attention with its performance in recent weeks. The fact that investors have not engaged in profit-taking during this period indicates that the market still has upward potential.

According to on-chain analysis platform CryptoQuant, despite Bitcoin (BTC) reaching a new peak of 126,000 dollars at the beginning of the week, investors have kept profit-taking limited. This situation suggests that the market has not yet reached its "peak" and that the upward trend may continue.

According to CryptoQuant's data, the total realized net profit of Bitcoin investors over the past 30 days stands at 0.26 million BTC (approximately 30 billion dollars), which represents a 50% decrease compared to 0.53 million BTC (approximately 63 billion dollars) in July. This data indicates that investors tend to hold onto their coins rather than sell them, demonstrating that the uptrend is still strong.

The profit margin for short-term investors remains around 2%, while in previous cycles, it has typically reached levels of about 8% at market peaks, suggesting that the current situation indicates there are still buying opportunities in the market. The profit margin for long-term investors is around 129%, which is well below the extreme peaks of 300% seen in past cycles.

CryptoQuant reports that “OG” wallets that have held Bitcoin for over 10 years have largely remained inactive. In the past 30 days, only 5,000 BTC has moved from these wallets; this amount is half of what would be expected during the potential selling periods of March and December 2024. The low profit-taking ratio and limited long-term sales indicate that investors prefer to stay on an upward trend.

On the other hand, in another analysis published last week, CryptoQuant predicted that Bitcoin's price could rise to the range of 160,000 – 200,000 dollars in the fourth quarter, provided that demand remains strong. JPMorgan analysts also emphasize that Bitcoin is still undervalued compared to gold and predict that the price could rise to 165,000 dollars. All these indicators point to critical levels that Bitcoin investors should monitor.