Critical Moment For Bitcoin: Analyst Reveals Key Psychological Turning Point
10 Ottobre 2024 - 7:00AM
NEWSBTC
The recent Bitcoin price action appears to have caught the
attention of market analysts, with a particular focus on its
positioning between key psychological levels. A CryptoQuant analyst
under the pseudonym “datascope” recently posted on the CryptoQuant
QuickTake platform, providing an in-depth analysis of Bitcoin’s
current price movements. The analyst highlighted that Bitcoin is at
a critical psychological turning point, where market sentiment
could shift towards optimism or pessimism based on its trajectory.
Related Reading: Bitcoin Supply In Loss Nears 20%: Could This
Trigger A Fresh Surge? Bitcoin Historical Patterns Suggest Optimism
Could Persist According to datascope, Bitcoin’s price, which
currently trades just above $62,000 is sitting in a range where
historical data suggests that the market participants’ outlook can
sway in either direction, depending on whether they are in profit.
The analyst further explained that as long as Bitcoin stays within
this critical range, the chances of a significant price decline are
minimal. This “zone of optimism” range has been a determining
factor in previous bull markets, most notably in 2016 and 2020. The
CryptoQuant analyst emphasized that the “Supply in Profit” metric,
which measures the portion of Bitcoin’s circulating supply held by
investors who are in profit, is a vital indicator in understanding
market sentiment. In the past, whenever a significant portion of
Bitcoin’s supply was in profit, it resulted in an optimistic
outlook, supporting the price to push higher. Bitcoin’s current
position within this zone of optimism suggests that a continued
rally could be in store if the price maintains stability. #Bitcoin
at a Critical Psychological Turning Point “Bitcoin’s price is
sitting at a psychologically important level. Historically, when
prices stayed within this range, the market continued its upward
trend.” – By @0xDataScope Read more 👇https://t.co/q6FzjuhRHS
pic.twitter.com/ouZIuztaJd — CryptoQuant.com (@cryptoquant_com)
October 9, 2024 Looking back at historical bull markets, the
analyst pointed out that during the bull runs of 2016 and 2020,
Bitcoin maintained its position between a psychological turning
point and the optimism zone, allowing the market to enter a
sustained upward trend. Key Indicators To Watch Moving Forward In
addition to the “Supply in Profit” metric, the CryptoQuant analyst
suggests monitoring the overall market sentiment and Bitcoin’s
price movements in the coming days. Should Bitcoin stay within this
critical psychological range, it is less likely to experience a
significant price drop. However, if Bitcoin fails to hold this zone
and breaks below, market sentiment could turn bearish, leading to a
further price decline. Related Reading: Bitcoin Whales Are Going
Through A ‘Generational’ Shift, CryptoQuant CEO Reveals The
analysis suggests that Bitcoin’s current price behavior largely
depends on market participants’ psychology, and this psychological
turning point will likely dictate the next major move. Featured
image created with DALL-E, Chart from TradingView
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