Bitcoin’s price is poised for a potential turnaround, as indicated by the STH-SOPR metric and other factors. The STH-SOPR, which looks at whether Bitcoin holders are selling at a profit or loss, currently stands at a crucial point of 0.99, suggesting that a trend reversal could be imminent. A reading below 1 has historically marked the end of a downtrend, hinting at a possible price increase in the near future.
Additionally, the Bulls And Bears indicator is showing a bullish outlook, with more addresses buying than selling in the 24-hour trading volume. This +2 reading in favor of bulls could help support Bitcoin’s correction and potentially lead to a move back to $66,000. The Stock to Flow ratio, which measures inflation vulnerability and scarcity, has also spiked to 640, indicating a low inflation rate for Bitcoin and the potential for sustained price increases in the long term.
While Bitcoin’s price prediction of $61,000 or $60,000 could still materialize, the current indicators suggest that the coin may not drop as low as $54,000 before an upward reversal occurs. These metrics provide a positive outlook for BTC’s recovery in the short term, barring any significant sell-offs from large investors. The patterns and indicators in the crypto market may not always repeat themselves, but they often rhyme, pointing towards a promising outlook for Bitcoin’s price trajectory.
