Bitcoin Surges Past $46K on ETF Hopes; Correction Risks Loom Despite Majority of Coins in Profit
• Nearly 90% of bitcoin supply in profit as price rallies past $46,000 on expected ETF approval
• Bitcoin has rallied almost 160% in 2023 and 50% in last 6 months largely due to ETF anticipation
• High unrealized profits raise risks of sharp price decline, even with rising demand signals like GBTC discounts narrowing
• If bitcoin reaches $48.5K (avg price for 2-3 yr holders), likely correction with support at $34K and $30K
• Next BTC resistance point based on Metcalfe valuation models is $55,000