WARNING CORNER: Bitcoin Surging Above $50,000, Will It Crash or Continue to Rise???
Bitcoin price is currently at the $50,000 limit and is trading at $49,595 at the time of writing. However, Look on Chain - an effective cryptocurrency analysis platform has issued an important warning that could be valid if BTC price exceeds $50,000.
According to the warning published by the data analysis platform provided by Into The Block, it was reported that as many as 375,000 crypto addresses have purchased 119,480 BTC, worth about $6 billion, at $50,227. According to analysts, the owners of these purchased BTC are currently at a loss and could put selling pressure on BTC when it reaches this level. However, if we talk about the Bitcoin market as a whole, at the current price, 81.55% of BTC holders are making a profit, 18.18% are losing money, and 0.27% are neither making a profit nor losing money. The total number of profitable wallets is 7.18 million, while the number of losing wallets is about 1.6 million.
Time will tell whether the BTC price will continue to reach more important resistance levels in the near future? In my opinion, you should hold on to the altcoins you are holding because the upcoming market will be relatively volatile. After all, crypto or any market has someone behind the price manipulation. For small fish like us, it is best to buckle up and wait for the results of the coins we are holding. Absolutely do not fomo and listen to the investment advice of any shill coin expert!
