Analyst: Bitcoin may be nearing its peak, with over 90% of BTC supply currently profitable

Odaily Planet Daily reported that the price of Bitcoin has dropped by 10% since reaching a historic high on January 20th, the day of Trump's inauguration. Although such volatility is not uncommon for highly volatile assets like Bitcoin, analysts at BCA Research warn that the cryptocurrency may be nearing its peak. The company has been bullish on Bitcoin for the past two years. The BCA team stated, "We are concerned that this fervent optimism is a signal that the cryptocurrency market is approaching its peak." They pointed out that the current profitable supply of Bitcoin exceeds 90% - historically, this proportion has typically been a sign of Bitcoin prices peaking. They also added that eight out of the top ten downloaded financial applications are cryptocurrency trading applications. (Golden Ten)