{"id":605574,"date":"2024-04-29T14:00:08","date_gmt":"2024-04-29T14:00:08","guid":{"rendered":"https:\/\/ktsl888.com\/?p=605574"},"modified":"2024-06-11T07:00:23","modified_gmt":"2024-06-11T07:00:23","slug":"signal-bitcoin-still-very-bullish","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/signal-bitcoin-still-very-bullish\/","title":{"rendered":"CryptoQuant Analyst Reveals Signal That Shows Bitcoin Is Still Very Bullish"},"content":{"rendered":"

The Bitcoin price movement in the past few days <\/span>after the halving event<\/span><\/a> has left many investors wanting. Particularly, <\/span>price data<\/span><\/a> shows the crypto failed to settle above $65,000 las week. At the time of writing, Bitcoin is trading at $62,105, down by 2.96% and 6.14% in the past 24 hours and seven days, respectively.\u00a0<\/span><\/p>\n

According to a CryptoQuant analyst, Bitcoin’s Adjusted Spent Output Profit Ratio (aSOPR) is still looking bullish, which could be a faint signal of the crypto’s price reversing into bullish momentum.<\/span><\/p>\n

Current State Of Bitcoin<\/h2>\n

As it stands, the price of Bitcoin might be on the way to registering a new monthly low with the <\/span>risks of more downside<\/span><\/a> below $62,000. A <\/span>recent analysis<\/span><\/a> during the weekend by Phi Deltalytics, an analyst at CryptoQuant, noted that Bitcoin’s price trajectory is showing indecisiveness in the short term. His analysis is based upon the SOPR ratio, one of the lesser-known but highly useful metrics for analyzing Bitcoin.<\/span><\/p>\n

Related Reading: Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges<\/a><\/div>\n

SOPR measures the profit ratio of spent outputs, which are groups of transactions representing the movement of coins.\u00a0 Phi’s analysis revealed an interesting indecisiveness with this metric. According to this metric, Bitcoin’s short-term Spent Output Profit Ratio (SOPR) has entered into a zone of indecisiveness, correlating with the current market sentiment. However, the analyst also noted that the adjusted SOPR continues to move in a bullish direction, a confluence that warrants careful planning when entering the market.<\/span><\/p>\n

What Does This Mean for Bitcoin?<\/h2>\n

This discrepancy with the SOPR and its adjusted ratio means many short-term holders are now trading Bitcoin at a loss. Interestingly, <\/span>another CryptoQuant analysis<\/span><\/a> seems to support this idea. Specifically, the long-term SOPR to short-term SOPR ratio is moving in favor of long-term holders, suggesting that long-term holders are realizing greater profits in contrast to short-term holders. Hence, there is persistence of bullish momentum with the adjusted SOPR.\u00a0<\/span><\/p>\n

A better interpretation of this SOPR ratio is that the price of Bitcoin has not been favorable for short-term holders at the current market conditions. Furthermore, it suggests that the stalling of the upward momentum can be attributed to some long-term holders cashing out their holdings.\u00a0<\/span><\/p>\n

According to Phi Deltalytics, a reversal of the adjusted SOPR into a bearish signal would finally imply the possibility of a rapid downward shift in the price of Bitcoin.<\/span><\/p>\n

\u201cThe persistence of a bullish aSOPR amidst wavering short-term SOPR trends gives rise to the possibility of a rapid downward shift once the aSOPR trajectory reverses,\u201d the analyst mentioned.<\/span><\/p>\n

Related Reading: XRP Price Prediction: Analyst Says Prepare For 700% Jump To $4, Here\u2019s When<\/a><\/div>\n

When Will The Correction End?<\/h3>\n

Bitcoin’s price has been ranging between $60,000 to $70,000 since it reached a new all-time high. The much-anticipated break above $74,000 now seems to be taking forever, and this lackluster action has prompted some analysts to believe that Bitcoin might have <\/span>reached its peak<\/span><\/a> in the current market cycle.\u00a0<\/span><\/p>\n

However, time can only reveal the crypto’s price trajectory in the coming months, particularly with the recent conclusion of <\/span>another halving event.<\/span><\/a> If halving history repeats itself, Bitcoin could <\/span>continue its price surge<\/span><\/a> within the next nine months.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price struggles to hold $62,000 support | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Barron’s, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin price movement in the past few days after the halving event has left many investors wanting. Particularly, price data shows the crypto failed to settle above $65,000 las week. At the time of writing, Bitcoin is trading at $62,105, down by 2.96% and 6.14% in the past 24 hours and seven days, respectively.\u00a0 According to a CryptoQuant analyst, Bitcoin’s Adjusted Spent Output Profit Ratio (aSOPR) is still looking bullish, which could be a faint signal of the crypto’s price reversing into bullish momentum. Current State Of Bitcoin As it stands, the price of Bitcoin might be on the way to registering a new monthly low with the risks of more downside below $62,000. A recent analysis during the weekend by Phi Deltalytics, an analyst at CryptoQuant, noted that Bitcoin’s price trajectory is showing indecisiveness in the short term. His analysis is based upon the SOPR ratio, one of the lesser-known but highly useful metrics for analyzing Bitcoin. Related Reading: Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges SOPR measures the profit ratio of spent outputs, which are groups of transactions representing the movement of coins.\u00a0 Phi’s analysis revealed an interesting indecisiveness with this metric. According to this metric, Bitcoin’s short-term Spent Output Profit Ratio (SOPR) has entered into a zone of indecisiveness, correlating with the current market sentiment. However, the analyst also noted that the adjusted SOPR continues to move in a bullish direction, a confluence that warrants careful planning when entering the market. What Does This Mean for Bitcoin? This discrepancy with the SOPR and its adjusted ratio means many short-term holders are now trading Bitcoin at a loss. Interestingly, another CryptoQuant analysis seems to support this idea. Specifically, the long-term SOPR to short-term SOPR ratio is moving in favor of long-term holders, suggesting that long-term holders are realizing greater profits in contrast to short-term holders. Hence, there is persistence of bullish momentum with the adjusted SOPR.\u00a0 A better interpretation of this SOPR ratio is that the price of Bitcoin has not been favorable for short-term holders at the current market conditions. Furthermore, it suggests that the stalling of the upward momentum can be attributed to some long-term holders cashing out their holdings.\u00a0 According to Phi Deltalytics, a reversal of the adjusted SOPR into a bearish signal would finally imply the possibility of a rapid downward shift in the price of Bitcoin. \u201cThe persistence of a bullish aSOPR amidst wavering short-term SOPR trends gives rise to the possibility of a rapid downward shift once the aSOPR trajectory reverses,\u201d the analyst mentioned. Related Reading: XRP Price Prediction: Analyst Says Prepare For 700% Jump To $4, Here\u2019s When When Will The Correction End? Bitcoin’s price has been ranging between $60,000 to $70,000 since it reached a new all-time high. The much-anticipated break above $74,000 now seems to be taking forever, and this lackluster action has prompted some analysts to believe that Bitcoin might have reached its peak in the current market cycle.\u00a0 However, time can only reveal the crypto’s price trajectory in the coming months, particularly with the recent conclusion of another halving event. If halving history repeats itself, Bitcoin could continue its price surge within the next nine months. BTC price struggles to hold $62,000 support | Source: BTCUSD on Tradingview.com Featured image from Barron’s, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":605631,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-605574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nCryptoQuant Analyst Reveals Signal That Shows Bitcoin Is Still Very Bullish<\/title>\n<meta name=\"description\" content=\"The Bitcoin price movement in the past few days after 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"CryptoQuant Analyst Reveals Signal That Shows Bitcoin Is Still Very Bullish","url":"http:\/\/ktsl888.com\/news\/signal-bitcoin-still-very-bullish\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/signal-bitcoin-still-very-bullish\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/Bitcoin_6e181c.jpeg?resize=200%2C175","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/Bitcoin_6e181c.jpeg?fit=288%2C175"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-04-29T14:00:08Z","datePublished":"2024-04-29T14:00:08Z","dateModified":"2024-06-11T07:00:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"CryptoQuant Analyst Reveals Signal That Shows Bitcoin Is Still Very Bullish\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/signal-bitcoin-still-very-bullish\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/signal-bitcoin-still-very-bullish\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin_6e181c.jpeg?resize=200%2C175\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin_6e181c.jpeg?fit=288%2C175\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-04-29T14:00:08Z\",\"datePublished\":\"2024-04-29T14:00:08Z\",\"dateModified\":\"2024-06-11T07:00:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/Bitcoin_6e181c.jpeg?fit=288%2C175","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/605574"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=605574"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/605574\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/605631"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=605574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=605574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=605574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}