- Bitcoin (BTC) is expected to see significant gains soon, according to analyst “Woominkyu” on CryptoQuant.
- The aSOPR indicator suggests Bitcoin is in an accumulation phase before its next surge.
- Investors are advised to buy BTC before the aSOPR reaches 1.08 and whales begin taking profits.
Bitcoin (BTC), the world’s largest digital asset by market capitalization, is expected to see significant gains soon, according to an analyst who recommends investing in the cryptocurrency before its accumulation increases and BTC breaks above $70,000.
In a post on the CryptoQuant forum, analyst “Woominkyu” examined Bitcoin’s Adjusted SOPR (aSOPR) using a 150-day moving average and noted that whales typically take profits when aSOPR rises above 1.08. The market top occurs when this level is reached, the analyst added.
Interestingly, The aSOPR is a helpful indicator for understanding market trends and allows investors to see how much profit is happening in the market. An aSOPR above one means that the market is in an uptrend, while an aSOPR below one indicates a bearish market. The current value of the indicator is 1.01, which suggests “a potential accumulation phase before the next surge,” said “Woominkyu.”
The Bitcoin aSOPR has not yet reached 1.08, which means that the market top is still ahead. The analyst recommended that investors buy Bitcoin before the accumulation pushes the BTC price higher and the aSOPR reaches 1.08, which would then lead to a sell-off as investors take profits.
Bitcoin Price Analysis
Bitcoin is trading at $67,083.13 and is up 0.28 in the past 24 hours. The digital asset faces resistance at $69,000 and is 8.89% down from its all-time high of $73,750. The accumulation of the cryptocurrency is on the rise, and the gradient suggests that the levels might continue to increase.
Read also: Bitcoin Leads Ethereum by Record $1.03 Trillion Market Cap as ETH Price Lags
The Relative Strength Index (RSI) reads 95.73 which confirms that the bulls are overall in control and the gradient of the line suggests higher prices in the short term.
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