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Will Bitcoin Price Continue to Rally? Analyst Comments on Special MetriC
Will Bitcoin Price Continue to Rally? Analyst Comments on Special MetriC
Bitcoin price is trading above $73,000. Will the rise continue? Here is the special metric.
Author:
Mete Demiralp
29.10.2024 – 19:10
Update:
8 hours ago
0
An analyst from cryptocurrency analytics firm CryptoQuant has released an outlook on Bitcoin’s near-term price potential, saying that it has a positive trend going forward.
The analysis focuses on the Short-Term Holder Return on Investment Ratio (SOPR), a key metric used to assess whether short-term BTC holders are making a profit or loss on their Bitcoin investments.
Short-Term Holder SOPR measures the profit margin of Bitcoin holders who have held their coins for a period of one hour to 155 days. A value above 1 indicates a higher percentage of coins were sold at a profit, while a value below 1 indicates more holders sold at a loss.
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According to CryptoQuant, the current Short-Term Holder SOPR is 1.017%, indicating that many short-term holders are making some profit, although not excessively so. In previous market cycles, a SOPR value around 1.03% has been seen as an overheating signal, suggesting that Bitcoin’s price may have more room to rise before reaching that point.
The analysis suggests that if the Bitcoin price continues to surpass recent highs and the SOPR value rises further, the market could see the start of a more significant rally. However, the outcome of the upcoming US presidential election could play a significant role in asset prices, including cryptocurrencies, and pose potential risks that investors should consider.
*This is not investment advice.
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