Bitcoin bull market FOMO absent as BTC price nears key $39K profit zone

Bitcoin (BTC) bull market “FOMO” has yet to appear regardless of BTC rate being up 120% this year.Data from the stats platform Look Into Bitcoin shows that on-chain transactions are only starting to include “more youthful” Bitcoin.Bitcoin bull market analysis: “Were still early”Bitcoin stays near 18-month highs and well beyond its bearishness trading range and several crucial resistance levels.While the number of smaller sized wallets is increasing, there has not been a significant return to the network from speculators– those holding BTC for brief durations of time.In an X (formerly Twitter) post on Nov. 16, Look Into Bitcoin developer Philip Swift flagged the understood cap HODL waves metric, also understood as RHODL waves, as proof.RHODL divides the existing HODL waves metric, which divides BTC by age of the supply and compares it to the rate at which it last moved on-chain. The result is a spike in coins, which often move during bull market phases, and the opposite in bearishness, where financiers are scared to offer or are in the red on their holdings.”Warmer colour low timeframe waves are only simply beginning to increase as coins are transferred on-chain,” Swift talked about the existing state of RHODL. “No FOMO. Were still early.”Bitcoin RHODL waves chart. Source: Look Into BitcoinBitcoin success nears “potential breakeven point”Continuing the evaluation of Bitcoin supply “age bands,” Onchained, a contributor to on-chain analytics platform CryptoQuant, worried that those who increased BTC exposure in the run-up to the 2021 all-time highs stay underwater.Related: Bitcoin institutional inflows leading $1B in 2023 amid BTC supply squeezeHe did so utilizing the net latent profit/loss (NUPL) sign, which uses success ratios for accomplices of saved coins.Coming soon, nevertheless, is a crucial line in the sand for bull market hodlers.”Considering NUPL across various age bands supplies insights into profitability dynamics. Especially, the depicted chart reveals all UTXO age bands presently in a profitable state, except for holders with bitcoins held for 18 months to 3 years,” Onchained composed in one of CryptoQuants Quicktake market updates on Nov. 16. “This aligns with their entry during the Bitcoin rate rally to $67,000. Their NUPL nearing the success benchmark of 0 recommends a possible break-even point if Bitcoin continues its rally beyond $39,000.”Bitcoin UTXOs in loss % chart. Source: CryptoQuantCryptoQuant data shows that the total proportion of unspent deal outputs, or UTXOs, presently at a loss is just 11.6%. As Cointelegraph reported, whale entities have been increasing BTC costing present prices.This post does not contain investment guidance or recommendations. Every financial investment and trading relocation involves threat, and readers must perform their own research when deciding.