As a seasoned crypto investor with over a decade of experience in this rollercoaster ride of digital assets, I find myself both excited and cautiously optimistic about the recent analysis by Crypto Dan. Having weathered numerous bull and bear markets, I’ve learned to read between the lines and spot patterns that others might miss. The golden cross of the SOPR indicator is a signal that I’ve seen only a handful of times in my journey, and each time it preceded a significant market rally.
At present, Bitcoin (BTC) hovers between $94,000 and $96,000, yet indications from on-chain signals hint at an imminent major surge. Insights from blockchain analytics platform CryptoQuant foretell a steep and substantial increase in BTC within the next one to two months.
As per a report from the anonymous cryptocurrency analyst known as Crypto Dan, a particular sign, which is typically spotted only one or two times during each bull market, has recently emerged. This signal suggests that Bitcoin’s price might surge significantly as it gets closer to the final stage of its current cycle.
BTC Could Skyrocket in 2 Months
The term “golden cross” of the Spent Output Profit Ratio (SOPR) indicator refers to when the 365-day moving average of SOPR surpasses its 30-day moving average. This crossing has occurred exclusively during bullish market seasons, and every time it has happened, the market has witnessed a significant rally within the subsequent two months.
According to Crypto Dan, a specific event known as ‘the signal’ happens only one or two times during an entire bull market trend, and it was the second instance of this occurrence, which started in January 2023, that triggered the current upward phase.
Significantly, the forthcoming event could represent the biggest one during the last part of this cycle. A crypto expert noted that such surges tend to grow larger as the market moves further into the late stages of the bullish trend, while drops and adjustments occur more quickly and over a shorter duration.
Should this signal’s predictions hold accurate from late 2024 up until Q1 2025, Crypto Dan anticipates that the cryptocurrency market will see increased investments and the emergence of fresh crypto funds. This surge in demand and liquidity would likely lead the market to reach its highest point.
BTC Slips Below $95K
At the moment, analysts are pondering bitcoin’s near-future price trend by considering current market demand and supply. Meanwhile, long-term investors seem to be selling off their bitcoins to cash in on profits, while short-term holders are buying more. However, it seems like the supply is outpacing the demand at present.
Market analysts consider $90,000 and $95,000 as crucial support points for Bitcoin. They believe that if Bitcoin maintains its position above $95,000, there’s a stronger possibility of it surging towards $100,000. Conversely, should Bitcoin drop below $90,000, there’s a potential risk of it falling to the $80,000 area.
Currently, Bitcoin is experiencing a minor dip, down to approximately $94,800 during this specific writing moment. The digital currency seems stable for now, but we’ll need to wait and observe how soon it might surge beyond its current position, according to Crypto Dan’s analysis forecasts.
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2024-12-03 20:30