BTC's Sideways Movement Likely to Continue Till 2025
CryptoNewsTerminal Staff03 Sep, 2024
BTC's Sideways Movement Likely to Continue Till 2025
ANALYSIS: BTC's Stagnant Movement Likely to Continue According to Cryptoquant's on-chain analyst, Crypto Dan, Bitcoin's (BTC) price is expected to continue its sideways movement this year due to a "dead cross" between the short-term and long-term Spent Output Profit Ratio (SOPR) moving averages. This indicates that investors are selling their BTC at a loss, which is a bearish signal. Adding to this, the cryptocurrency market has been consolidating for an extended period, with five failed attempts to rally since March. The analyst advises patience and suggests waiting until 2025 for a potential reversal in the trend. At the time of writing, BTC is trading at $56,789.10, a 1.22% decrease, according to CoinMarketCap.
