2024-12-3 00:20 |
Bitcoin price has shown signs of a larger breakout in the coming months due to positive market indicators. According to market analyst Crypto Dan, a golden cross has formed on the asset’s Spent Output Profit Ratio (SOPR). This points to high points in a bull market with holders anticipating price peaks.
Last month, Bitcoin tapped multiple all-time highs, rallying as high as $99K before the price correction. A golden cross signal indicates another upward swing, although short-term sideways trading has been seen in recent days. Charts mark a golden cross when the 50-day simple moving average crosses the 200-day point, showing bullish levels. This is shown in several assets like XRP and Bitcoin amid the market swing.
Meanwhile, SOPR shows that Bitcoin’s profit levels moved within a certain period. Moved BTC is often attributed to sales, which makes it a key metric for analysts. When assets are in the green zone, it points to a wider BTC whale inflow.
A Repeat of Progressive Price ActionThe golden cross of a SOPR occurs twice within a bullish window. The first in this cycle was recorded in January 2023, following institutional entrants into the market after turmoil in the previous year. Crypto prices slumped in 2022 following the collapse of Terra’s algorithmic stablecoin and FTX, wiping billions off the market.
The price of BTC increased systemically, trading above $45k following ETF optimism. Approval of these products spiked the price to new levels. Notably, after a golden cross, crypto assets hit new momentum within two months, forming a new target among Bitcoin bulls.
“As the market moves towards the later stages of the cycle, the magnitude of the rise tends to be larger, and the periods of decline/adjustment are shorter. If a steep rise occurs as implied by this indicator within the end of 2024 to the first quarter of 2025, it can be expected that new inflows and additional funds will enter the market, bringing it to its peak,” Dan added.
Slow Trading Affects BTC PriceComing off the weekend, Bitcoin recorded outflows alongside the wider market. BTC trades at $95,523, down 1.87% today as bulls attempt to recover losses. Longer-term numbers still stand in the green zone for the asset, but whales signal slow movements above the $90k zone with sights above the $100K.
Altcoins have moved similarly except for XRP, which trades above 36%. Meanwhile, Solana and BNB posted 5.16% and 2.77% losses in the last 24 hours.
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