Fun

Bitcoin to Enter Final Bull Phase? Key Indicator Hints at Major Price Movement

News Feed - 2024-12-03 09:12:14

Este artículo también está disponible en español.


Bitcoin, the world’s leading cryptocurrency, appears to be on the brink of a potential sharp rise. According to a CryptoQuant analyst, Crypto Dan, the market could experience a significant upward trend within the next two months.


This insight, shared on the CryptoQuant QuickTake platform, is based on a critical market indicator that has historically signaled major price rallies. Related Reading Data Shows Selling Pressure Mounts On Bitcoin: Is The Bull Run at Risk? 2 days ago Bitcoin Market Outlook: Sharp Rise Incoming


In the post titled “Strong Rise in Bitcoin is Expected Within 1-2 Months”, Crypto Dan highlights the emergence of a “golden cross” in the Spent Output Profit Ratio (SOPR) indicator.


This occurrence, he notes, is a rare event that typically happens only once or twice during an entire bull market cycle. As part of the current bullish cycle that began in January 2023, its reappearance is being seen as a strong precursor to asubstantial market move.


For further context, the SOPR Ratio indicator measures realized profits and losses in the Bitcoin market, offering insight into investor sentiment.


The “golden cross” identified by Crypto Dan signifies a pivotal moment in the bull cycle. Historically, this signal has been followed by strong price increases within two months of its appearance.


Crypto Dan explained that the market is likely entering the final phase of the current upward cycle, a stage characterized by steeper price gains and shorter periods of consolidation. This means that while Bitcoin’s ascent might accelerate, the opportunities for investors to accumulate at lower prices could diminish rapidly.


Furthermore, he projected that if the anticipated rise materializes by the end of 2024 or the first quarter of 2025, it could draw significant new capital into the market. The inflow of additional funds is expected to fuel Bitcoin’s momentum, potentially driving the market to its peak during this cycle.


Dan wrote: 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. BTC Market Performance


Meanwhile, Bitcoin continues to maintain stability above the $95,000 price mark. At the time of writing, the asset currently trades for $96,296, down by 1% in the past day but still up by nearly 40% in the past month. BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com


According to a renowned crypto analyst known as Ali on X, while some in the community expect a major retracement in Bitcoin’s price, BTC could do the opposite. The analyst projected BTC could surge to as high as $120,000-$150,000 before the first 30% price correction. Given the fact that #Bitcoin tends to do the opposite of what the crowd believes, there is potential for $BTC to go higher. If the current cycle behaves like the last two, #BTC could go to $120,000-$150,000 before the first 30% price correction.


https://t.co/xTHJMITqJa


— Ali (@ali_charts) December 2, 2024


Featured image created with DALL-E, Chart from TradingView

News Feed

Yellen Says US Could Back All Deposits at Smaller Banks if Needed to Prevent Contagion
Yellen Says US Could Back All Deposits at Smaller Banks if Needed to Prevent Contagion U.S. Treasury Secretary Janet Yellen says the federal government could guarantee all deposits
Facebook’s Novi Launches Pilot Program in Guatemala and US Using Pax Dollar
Facebook"s Novi Launches Pilot Program in Guatemala and US Using Pax Dollar Novi, Facebook’s digital wallet, will launch a pilot program to test the functionality of the ser
Ezra Reguerra13 hours agoARK Invest and 21Shares partner to launch digital asset ETF suiteFive digital asset ETF products will be listed on the Chicago Board Options Exchange and start trading next week.1490 Total views2
$1M bug bounty for Solana Firedancer client goes live this week
Brayden Lindrea4 hours ago$1M bug bounty for Solana Firedancer client goes live this weekFiredancer is a highly anticipated new validator client for the Solana blockchain, and its creator is calling on developers to look
Mining Pool Simplecoin and Interactive Faucet Chopcoin Shut Down Due to EU Regulations
Mining Pool Simplecoin and Interactive Faucet Chopcoin Shut Down Due to EU Regulations Like crypto payments provider Bottle Pay, mining pool Simplecoin and interactive bitcoin fa
Helen Partz12 hours agoHydropowered crypto mining gets nod from Kyrgyz president: ReportKyrgyz President Sadyr Japarov promised to distribute money from crypto mining at the hydropower plant to “ordinary people.”3023
Marcel Pechman3 hours agoBNB’s soaring futures open interest and regulatory woes weigh on the altcoin’s pricePersistent regulatory actions and concerning derivatives data are likely the main factors behind BNB’s be
Ezra Reguerra13 hours agoLufthansa airline launches NFT loyalty program on PolygonAirline passengers can collect NFTs and then get rewards, such as flight upgrades or airport lounge access, after completing NFT sets.3902
Mastercard Outlines Plans for Cryptocurrencies, Stablecoins, Central Bank Digital Currencies
Mastercard Outlines Plans for Cryptocurrencies, Stablecoins, Central Bank Digital Currencies Mastercard’s CEO has outlined the company’s plans to dev
Spanish Soccer League Laliga Will Certify Goal Scoring Balls Using Blockchain Tech
Spanish Soccer League Laliga Will Certify Goal Scoring Balls Using Blockchain Tech Laliga, the premier Spanish soccer league, has announced the implementation of a new system that
Renowned Investor Jim Rogers Warns ‘the Worst’ Bear Market in His Lifetime Is Incoming
Renowned Investor Jim Rogers Warns "the Worst" Bear Market in His Lifetime Is Incoming Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George
Santander UK Limits Cryptocurrency Exchange Transactions, Bank Says Investing in Crypto ‘Can Be High Risk’
Santander UK Limits Cryptocurrency Exchange Transactions, Bank Says Investing in Crypto "Can Be High Risk" On Nov. 3, Santander UK, the subsidiary of the Spanish financial giant Ba