Is Bitcoin Entering Final Bull Phase? Key Indicators Point to Big Price Moves – TradingView News

Bitcoin, the world’s leading cryptocurrency, appears to be poised for a potentially sharp rise. According to a CryptoQuant analyst, Crypto Dan, the market could see a significant uptrend within the next two months.

This insight shared on the CryptoQuant QuickTake platform is based on a critical market indicator that has signaled large price increases in the past.

Bitcoin market outlook: Strong rise ahead

In the post titled “Bitcoin’s Strong Rise Expected Within 1-2 Months,” Crypto Dan highlights the emergence of a “golden cross” in the Spent Output Profit Ratio (SOPR) indicator.

He notes that this event is a rare event that typically only occurs once or twice during an entire bull market cycle. As part of the current bullish cycle that began in January 2023, its re-emergence is seen as a strong harbinger of a significant market move.

For further context, the SOPR ratio indicator measures realized gains and losses in the Bitcoin market and provides insight into investor sentiment.

The “golden cross” identified by Crypto Dan marks a pivotal moment in the bull cycle. In the past, this signal was followed by strong price increases within two months of its appearance.

Crypto Dan explained that the market is likely entering the final phase of the current bullish cycle, a phase characterized by steeper price increases and shorter consolidation periods. This means that while Bitcoin’s rise could accelerate, the opportunities for investors to accumulate at lower prices could quickly diminish.

Additionally, he predicted that if the expected increase occurs by the end of 2024 or the first quarter of 2025, significant new capital could flow into the market. The influx of additional funds is expected to boost Bitcoin’s momentum and potentially take the market to its peak this cycle.

Dan wrote:

BTC market performance

Meanwhile, Bitcoin continues to remain stable above the $95,000 price mark. At the time of writing, the asset is currently trading for $96,296, down 1% in the last day but still up almost 40% in the last month.

According to a renowned crypto analyst named Ali on The analyst predicted that BTC could rise as high as $120,000 to $150,000 before the first 30 percent price correction.