CandleFocus Is Bitcoin Still Positioned for a Rise? Here are Analysts’ Opinions
2024-11-19
Author: Content Editor
According to cryptocurrency analytics firm CryptoQuant, Bitcoin's price still has room to rise before reaching a potential market top. The firm's analysis suggests that the market sentiment among short-term Bitcoin holders is in a phase of controlled optimism, with modest profits being made rather than speculative frenzy. The analysis of the Short-Term Owner Spent Output Profit Ratio (STH SOPR) further supports this view, indicating a period of healthy growth where investors are cautiously adjusting their positions. However, CryptoQuant warns that monitoring SOPR will be crucial as a rapid move into the Extreme Greed range could signal a trend reversal.
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