- The $25,000 to $30,000 range still serves as an opportunity zone to buy BTC.
- Market participants have the buying potential provided the ecosystem remains liquid.
After tracking the adjusted Spent Output Profit Ratio (SOPR) for six weeks, analyst Tomáš Hančar concluded that a perfect opportunity may be presenting itself for Bitcoin [BTC] traders.
Read Bitcoin’s [BTC] Price Prediction 2023-2024
For a while, traders have been standing on the edge since BTC decided to send the market into unexpected pain. At press time, BTC’s price stood at $25,964, and Hančar opined that the opportunity could be to accumulate Bitcoin between $25,000 to $30,000.
Here to provide opportunities
For context, the aSOPR is calculated as the value of spent outputs at the spent time(realized value) divided by the USD value of spent outputs at the created time(value at creation).
Values greater than 1 imply that participants are selling at a profit. Conversely, values less than 1 suggest letting go at a loss. With respect to the metric, Hančar explained,
“Apparently, we’re closer to being done (pic 1, the aSOPR div itself), which I see as the perfect opportunity forming.”
Oftentimes, the price movement of Bitcoin sets the tone for the entire cryptocurrency market, and the current situation is no exception. So, a chance to accumulate BTC may also mean a chance to scoop up a number of altcoins.
Another metric the analyst pointed to is the Net Unrealized Loss (NUL). The NUL is the sum of UTXOs
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Author: Victor Olanrewaju
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