Bitcoin’s Market Is Still In An ‘Healthy Growth’ Phase, Says Analyst—Here’s Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Optimism	OPUSD	Crypto	2,886,662,129	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Optimism

OPUSD

Crypto

2,886,662,129

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.080	3.62%	2.29	2.29	2.29

Price Change

Price Change %

Current Price

Bid Price

Offer

0.080

3.62%

2.29

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2.31	2.21	2.21	2.21	1.06 - 4.86

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2.31

2.21

1.06 - 4.86

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	03:42:08	17.62	2.29	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

03:42:08

17.62

2.29

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,902,602.72	835,915.78	OP	OPEUR	OPGBP	OPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,902,602.72

835,915.78

OPEUR

OPGBP

OPBTC

Bitcoin’s Market Is Still In An ‘Healthy Growth’ Phase, Says Analyst—Here’s Why

19/11/2024 6:30am

NEWSBTC

Last week, Bitcoin saw consistent upward momentum, leading to the asset breaching multiple resistances to achieve a peak of $93,477 finally. However, ever since, BTC has seen a price decrease and appears to maintain stability above $90,000 while showing signs of controlled market sentiment. Amid this price performance, a CryptoQuant analyst known as G a a h recently shared his perspective on Bitcoin’s current market behavior, focusing on an important metric such as the Short-Term Holders Spent Output Profit Ratio (STH SOPR) to reveal whether the asset still has more room for growth. Related Reading: Bitcoin Exchange Reserves Hit 5-Year Low—What Does This Signal? What The STH SOPR Metric Suggest For Bitcoin The Short-Term Holders Spent Output Profit Ratio metric, which tracks the profitability of Bitcoin held by short-term holders, has revealed a trend of moderate optimism in the market, according to G a a h. The analyst elaborated that unlike past cycles marked by euphoric price spikes, the STH SOPR remains within a “middle region,” far from indicating extreme greed. This suggests that while some investors are taking profits, the current market environment remains stable, with room for further upward movement. The relationship between the SOPR indicator and Bitcoin’s 30-day moving average further emphasizes this point. According to the CryptoQuant analyst, short-term holders take measured profits without overwhelming the market with sell pressure, signaling “healthy growth.” Historical data shows that when the SOPR enters the extreme greed range, Bitcoin often encounters significant market resistance, leading to corrections. Conversely, accumulation tends to occur when the indicator reflects extreme fear, often marking key price bottoms. The analyst’s observations suggest that Bitcoin remains in a transitional growth phase, with investors carefully adjusting their positions as the price trends upward. G a a h wrote: At the moment, the behavior of the SOPR suggests a phase of healthy growth, with moderate optimism. This intermediate position may reflect a market in transition, where investors continue to adjust their positions as the Bitcoin price advances. Key Indicators to Watch in Bitcoin’s Market Behaviour While the SOPR currently suggests a balanced market, as reported by the analyst, he also advised investors to monitor the movements of the indicator closely in the coming weeks. The analyst noted: If it quickly approaches the extreme greed range, it could be a sign of more aggressive profit-taking and a possible trend reversal. G a a h also added that this phase of moderate optimism, if sustained, could create opportunities for continued upside potential, but risk management remains a crucial aspect of navigating this market environment. Related Reading: Binance Dominates As Bitcoin Futures Volume Hits New Peaks Amid Historic Price Rally The CryptoQuant analyst concluded: While the SOPR indicates that the top has not yet been reached, the balance between optimism and caution is key to maximizing gains and protecting capital from high price volatility. Featured image created with DALL-E, Chart from TradingView

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Aquis Exchange
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Precious Metal

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