Cryptocurrency analytics firm Alphractal has warned that Bitcoin may be entering a bear market phase based on its proprietary metric, the Spent Output Profit Ratio (SOPR) Trend Signal. Alphractal's analysis, which combines SOPR with moving averages, has been effective in determining market cycles since 2015. The analytics firm has noted an unusual pattern in 2024, where only one SOPR signal has broken a critical level for a prolonged bear market, compared to previous cycles. The report presents three possible scenarios based on the current SOPR pullback.



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