50% of the BTC Holders are Still in Profit, This is When the Bitcoin Recovery May Begin

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Bitcoin price after rising beyond $20,000 has been able to maintain strongly above these levels strongly from the past couple of days. After flipping from the lower bottom a couple of times, the asset is now heading towards the neckline of the double-bottom pattern that resides at around $21,500. No doubt the bears still maintain their dominance, but the bulls currently appear to be poised to maintain the uptrend. 

The BTC price has slashed down heavily by more than 70%, but still, nearly half of the addresses are still in profit. According to the data from an on-chain platform, more than 23 million addresses are in profit out of 41.71 million addresses, while nearly 22 million addresses are in loss. 

Interestingly, out of the total 41 million addresses, nearly 28.41 million addresses are holding the asset for more than a year. Therefore, it can be said that the address which is in profit may largely belong to the long-term holders. Adding to substance, the long-term holders ever since the 2015 crash, the long-term holders are on a rise. 

Therefore, it can be said that the Bitcoin veterans’ confidence has not been largely impacted by the bear market, as they do believe in the resurgence of the bullish trend. According to a popular analyst, Mike McGlone, Bitcoin is about to enter a strong recovery phase and may strongly rebound in the second half of 2022. 

With the Bloomberg Galaxy Crypto Index nearing a similar drawdown as the 2018 bottom and #Bitcoin's discount to its 50- and 100-week moving averages similar to past foundations, risk vs. reward is tilting toward responsive investors in 2H.

— Mike McGlone (@mikemcglone11) July 6, 2022

The analyst says that some positive signs in Bloomberg’s Galaxy Crypto Index (BGCI) & the 50-week and 100-week moving averages are seen. The indicators currently have bottomed and displaying similar signs as they did during the 2018 bottom, after which the asset recovered during the first half of 2019. 

Collectively, the star crypto despite being in hot waters displays the possibilities of a strong rebound. Hence the Bitcoin(BTC) price may have already reached the bottom and may have already stepped into the recovery phase.