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BTC $43018.56 (-1.8%)
ETH $3026.42 (-0.5%)
USDT $1.00 (-0.0%)
BCH $544.66 (-0.8%)
BSV $151.46 (6.92%)
LTC $159.41 (0.05%)
BNB $369.17 (-0.3%)
ADA $2.17 (2.48%)
DOGE $0.21 (2.01%)

Glassnode Predicts Imminent Bitcoin Breakout

Glassnode Predicts Imminent Bitcoin Breakout
  • As per a report published on January 25, Glassnode predicts that BTC will have a breakout as investors refuse to realize losses.
  • Glassnode noted that Bitcoin prices would drop further.
  • The crypto data aggregator Glassnode has written that Bitcoin’s adjusted Spent Output Profit Ratio (aSOPR).

According to a report published on January 25, crypto data aggregator Glassnode predicts that BItcoin will have a breakout.

Glassnode wrote that Bitcoin’s adjusted Spent Output Profit Ratio (aSOPR). The aggregator also added that a more reduction in prices would leave many investors in the red zone.

Also, Glassnode describes the data as bullish, saying that for SOPR to go lower, investors would have to sell at a loss. Furthermore, Glassnode noted that it’s because of the current shape of the market.

They also said they were looking for this reset to make some market stability. Hopefully, this will pave the way for the next bull run.

Finally, on-chain analyst Willy Woo said that the quantity of BTC moving between investors continues to be very high.

Woo exclaimed,

While normally we see discrete impulses of coin movements, this last month just looks like a single very large buying impulse, I’ve been calling this the “mother of all impulses”.

To be fair, Glassnode noted that Bitcoin prices would drop further as investors refuse to realize losses.

Glassnode defined the indicator as representing the profit-ratio of coins based on the value of Bitcoin.  Besides, the team said that while aSOPR is an on-chain metric, they did not add BTC deals on centralized exchanges. Glassnode also wrote that the aSOPR chart suggests that the correction is coming to an end.

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.