Bitcoin’s price has dropped a significant 14.6% since rejecting at the local top of $30.9k. With the current spot price of around $26.4k, this has resulted in a sharp rise in the total amount of supply in loss.
According to data shared by on-chain analytics platform Glassnode, 2.71 million BTC has fallen into loss, which is equivalent to 14% of the benchmark crypto’s circulating supply. This brings the total supply in loss across the aforementioned period from 3.96M to 6.67M BTC, a 68.4% increase.
Glassnode lead analyst James Check commented that Bitcoin could see a “big move” in the upcoming weeks due to seller exhaustion. The Sell-side Risk ratio is approaching all-time lows, which usually indicates that sellers on both sides are exhausted.
JPMorgan lead strategist Nikolaos Panigirtzoglou expressed that Bitcoin could rise 25% in the next 12 months. He highlighted gold rallying to a new multi-year high above $2k as the potential lead for BTC to hit $45k. Additionally, analysts at Standard Chartered predicted a 70% gain for BTC price, with the $100k mark as a target.