Analyst Signals Trend Shift, Bitcoin May Have Reached Bottom

A crypto analyst points to a trend shift in the bitcoin market. After eleven months, a key metric, the Spent Output Profit Ratio (SOPR), has turned. This indicates that the pattern of selling at a loss has been broken. Bitcoin reached $58,000 in July, which is considered a potential bottom. The market seems to be transitioning from a declining to an increasing phase. The SOPR value was low for eleven months, meaning sellers often sold at a loss. However, this indicator has recently risen, indicating that new buyers are now in profit. The analyst suggests that after many sellers exited, bitcoin reached a level of $58,000 in July, forming a potential bottom. Despite profit-taking during price increases, the bitcoin market is no longer directly declining. This marks a clear break from the previous eleven months, with the market now appearing to shift from bearish to bullish.

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