Bullish on Bitcoin: Key Metric Signals Growth Potential
Bitcoin has repeatedly exceeded expectations and may be preparing for another explosive growth phase.
Traders and investors have been optimistic about Bitcoin for some time, and recent developments only add to this sentiment.
One key metric that suggests Bitcoin may be entering a bull market is aSORP (90d), which measures the average lifespan of a spent output.
Another #Bitcoin indicator hints at explosive growth!
Historically, aSORP (90d) below 1 signals a bear market, & above 1 signals a bull market. In 2015, 2019 & 2020, it led to 6,110%, 150%, & 579% gains.
— Ali (@ali_charts) April 9, 2023
A value above 1 suggests a bull market, while a value below 1 indicates a bear market. Historically, aSORP (90d) has been an accurate indicator of market trends, with significant gains of 6,110%, 150%, and 579% in 2015, 2019, and 2020, respectively.
Currently, aSORP (90d) has moved above 1, indicating a potential bull market for Bitcoin. This could result in a sudden surge in price due to an influx of new buyers.
However, it’s important to consider other factors influencing Bitcoin’s price, such as market sentiment, global events, and regulatory changes.
Despite these risks, many traders remain bullish about Bitcoin’s long-term prospects. As more businesses and individuals adopt Bitcoin as a form of payment, its value will likely continue to increase.
At the time of writing BTC is trading at $30,150 after 3.5% increase in the past 24 hours.