Bitcoin’s (BTC) journey to $100k seems to be inevitable. However, this doesn’t mean that it will not have ups and downs. Although the BTC price has been breaking new all-time highs repeatedly, on-chain data suggests that a correction could happen soon.

Understanding how profitable wallets and whales are can indicate that the BTC price could be corrected by 27% soon.

The Number of Profitable BTC Holders Is Almost 100%

Due to BTC’s recent surge, consistently setting new all-time highs, the proportion of holders enjoying profits has approached nearly 100%. This level of widespread profitability among BTC investors has not been observed since November 2021, when the metric soared to 93.8%.

After reaching that high point, BTC underwent several price adjustments in the next five weeks. Its market price fell sharply from $65,218 to $36,982, representing a significant decline of roughly 43.29%.

This trend indicates that many investors may soon prepare to secure their profits. This potential move by investors to liquidate their holdings could lead to a notable increase in selling p

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Author: Tiago Amaral

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