It concerns the percentage of bitcoin’s circulating supply in profit, which is currently roughly 87% of the overall offer. The percentage is calculated from Bitcoins with a higher value than when they were last sold. There are currently 16 million of circulating Bitcoin supply in profit out of the total supply of 18.4 million.
Historically, we have always witnessed that levels of 90% and higher have always led to bull markets. This means that Bitcoin value began to grow systematically and even faster. For example, in October 2016 the percentage of circulating Bitcoin grew to 90%, and Bitcoin value rallied from around $470 to more than $1,100 in the first quarter of 2017. Later, Bitcoin reached $20,000 and percentage of circulating supply in profit rose up to 99%.