Bitcoin’s (BTC) on-chain addresses demonstrate unbelievable profitability as the price attempts to recover to previous highs.

At the same time, the behavior of long-term BTC and retail holders sends mixed signals to market participants.

While BTC has rebounded, the price still faces threats of correction, raising questions among investors on the coin’s future price trajectory.

The Bitcoin Profitability Statistics

According to data from IntoTheBlock, the total number of addresses holding BTC that are in profit has jumped over the past month.

The data shows that about 50.63 million BTC addresses are now in the money, meaning they are making profits.

This represents 93.6% of all addresses recorded. Addresses at a loss that have broken even totaled 3.41 million, or 6.31%, while zero addresses are at a loss.

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This metric proves that holding BTC is now worth it, even though the coin is still 10.5% below its all-time high of $108,239.

Also, the prospects of a BTC breakout remain relatively high, with most traders in the money.

However, negative pressure might force BTC holders to sell their assets soon. Major Bitcoin analysts and investors have released correction alerts hinting at a possible 15-20% drop in the coming weeks.

Bitcoin Whales and Small Holder Selloff Trend

Since the majority are already profitable, a slight indication of an upward trend could result in BTC facing mild resistance.

This sell-wall strain marks a major twist for the leading cryptocurrency overall. Therefore, Bitcoin whale investors must intensify their activities to cement a sustained growth trend in the coming weeks.

The data from IntoTheBlock shows large transactions increased by 34.73% in the last 24 hours. Specifically, investors shifted 626,290 BTC, valued at $57.95 billion within this period.

Large transactions account for those valued at $100,000 or more and have become more prevalent within the network.

Per the IntoTheBlock data, 20,280 of these large transactions were conducted in 24 hours. These transactions may eventually become accumulations that ignite a supply crunch in the long term.

Meanwhile, CryptoQuant analyst AxelAdlerJr has highlighted an interesting whale trend. The analyst noted that wallets holding 10-100 BTC have actively sold their coins for over a year.

As a result, the total balance of this cohort has decreased by 370,000 BTC during this time.

In contrast, larger wallets with 100–1,000 BTC balances increased over the same period. The total balance of this cohort surged by 610,000 BTC.

This validates the impact of BTC whales in propping the price.

Has Bitcoin Price Found its Bottom?

As of this writing, BTC price was trading at $96,824, up 4.5% in the last 24 hours. Despite the recent rebound, the weekly chart shows that the price is still down by 1.8%.

Fundstrat Capital’s Head of Research, Tom Lee, has predicted that Bitcoin might drop below the current price levels. In a recent interview, Lee said Bitcoin will likely dip to $70,000 soon.

Lee opined that the market is still early in the Bitcoin halving cycle, hinting at subsequent corrections. He stated that Bitcoin could drop lower to touch the $50,000 zone.

Top Lee sees this possible market correction as an opportunity for investors to buy the dip.

Other market analysts, however, claim a volume breakout above $95,00 could reignite bullish sentiment. If this happens, Bitcoin could retest the $100,000 psychological level.