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Home Bitcoin

Bitcoin’s correction is coming – The only question is ‘when’

February 26, 2024
in Bitcoin
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Bitcoin’s correction is coming – The only question is ‘when’
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  • The STH-SOPR surpassed a value of 1, suggesting possible short-term profit-taking.
  • An analyst noted that Bitcoin could hit $58,000, but the retracement might be shocking.

Whether it is good or bad news for you, Bitcoin’s [BTC] correction has become increasingly closer than you think. However, there is one major issue with the forecast that has put market players on opposite sides.

Will the drawdown happen before the having or after?

Interestingly, AMBCrypto came across an opinion that BTC would correct pre-halving. Around the same period, we noticed another analyst saying that Bitcoin would surpass its yearly high before the event.

One side takes the preliminary

CryptoOnchain, a pseudonymous author on CryptoQuant, posted that Bitcoin might plummet to $48,000 in the coming days.

The author made his conclusion based on the Short Term Holder (STH) Spent Output Profit Ratio (SOPR).

A chart showing Bitcoin SOPR rising above 1, and indicating a possible correction

Source: CryptoQuant

The STH-SOPR assesses the behavior of short-term investors by considering the output younger than 155 days. Values of the STH-SOPR over 1 suggest that investors are selling at a profit.

But when the value is below 1, it means investors are cashing out at a loss.

However, the chart above showed that the value had risen above 1. It also revealed that the SOPR was at a point where Bitcoin’s price corrected over the past few months.

In addition to the on-chain analysis, CryptoQuant also examined the technical angle. Concerning this part, the analyst wrote,

“Bitcoin is approaching the selling area of short-term investors. Examining the technical chart also confirms this issue. Bitcoin is in the area below the resistance in the technical chart.”

The other sticks with history

However, Michaël van de Poppe did not share a similar view. According to him, Bitcoin’s correction would happen, but not before prices climb to $54,000 or $58,000.

See also  INJ coin is up 500% since October - Can it 2x from here in coming weeks?

In his point, the analyst also mentioned that the decline could be harder, noting that BTC could drop as low as 40,000 after the halving.

A post on X explaining how Bitcoin's price might rise to $58,000 before it decreases

Source: X

Historically, Bitcoin’s price has increased before the halving. After the event, the coin shreds a significant part of its value before heading for a new high.

AMBCrypto went ahead to analyze the price action before the last two halvings.

The second halving happened on the 9th of July 2016. From our observation, BTC climbed to $617 before the event. Later on, the price plunged.

A similar occurrence took place during the third halving, when Bitcoin’s price jumped to $9,619. Weeks after the event, the price significantly decreased.


Is your portfolio green? Check out the BTC Profit Calculator


AMBCrypto believes that Bitcoin might go either way this time, depending on where capital rotates. If market participants decided to drive liquidity into BTC, then the price might rise toward $54,000.

However, rotation into altcoins could see BTC’s value shrink. But at the same time, the presence of institutional money, which was not present in the last two halvings, could change things.

Next: PEPE rises 14% in 7 days as DOGE, SHIB struggle

READ ALSO

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  • The STH-SOPR surpassed a value of 1, suggesting possible short-term profit-taking.
  • An analyst noted that Bitcoin could hit $58,000, but the retracement might be shocking.

Whether it is good or bad news for you, Bitcoin’s [BTC] correction has become increasingly closer than you think. However, there is one major issue with the forecast that has put market players on opposite sides.

See also  Bitcoin’s $11.8 billion Options to expire soon - Bearish 2025 to come?

Will the drawdown happen before the having or after?

Interestingly, AMBCrypto came across an opinion that BTC would correct pre-halving. Around the same period, we noticed another analyst saying that Bitcoin would surpass its yearly high before the event.

One side takes the preliminary

CryptoOnchain, a pseudonymous author on CryptoQuant, posted that Bitcoin might plummet to $48,000 in the coming days.

The author made his conclusion based on the Short Term Holder (STH) Spent Output Profit Ratio (SOPR).

A chart showing Bitcoin SOPR rising above 1, and indicating a possible correction

Source: CryptoQuant

The STH-SOPR assesses the behavior of short-term investors by considering the output younger than 155 days. Values of the STH-SOPR over 1 suggest that investors are selling at a profit.

But when the value is below 1, it means investors are cashing out at a loss.

However, the chart above showed that the value had risen above 1. It also revealed that the SOPR was at a point where Bitcoin’s price corrected over the past few months.

In addition to the on-chain analysis, CryptoQuant also examined the technical angle. Concerning this part, the analyst wrote,

“Bitcoin is approaching the selling area of short-term investors. Examining the technical chart also confirms this issue. Bitcoin is in the area below the resistance in the technical chart.”

The other sticks with history

However, Michaël van de Poppe did not share a similar view. According to him, Bitcoin’s correction would happen, but not before prices climb to $54,000 or $58,000.

In his point, the analyst also mentioned that the decline could be harder, noting that BTC could drop as low as 40,000 after the halving.

A post on X explaining how Bitcoin's price might rise to $58,000 before it decreases

Source: X

Historically, Bitcoin’s price has increased before the halving. After the event, the coin shreds a significant part of its value before heading for a new high.

See also  Bitcoin: The psychology behind BTC's boom, and why $73K is calling

AMBCrypto went ahead to analyze the price action before the last two halvings.

The second halving happened on the 9th of July 2016. From our observation, BTC climbed to $617 before the event. Later on, the price plunged.

A similar occurrence took place during the third halving, when Bitcoin’s price jumped to $9,619. Weeks after the event, the price significantly decreased.


Is your portfolio green? Check out the BTC Profit Calculator


AMBCrypto believes that Bitcoin might go either way this time, depending on where capital rotates. If market participants decided to drive liquidity into BTC, then the price might rise toward $54,000.

However, rotation into altcoins could see BTC’s value shrink. But at the same time, the presence of institutional money, which was not present in the last two halvings, could change things.

Next: PEPE rises 14% in 7 days as DOGE, SHIB struggle
Tags: BitcoinsComingCorrectionQuestion

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Comments 33

  1. binance prijavnica says:
    1 year ago

    Your point of view caught my eye and was very interesting. Thanks. I have a question for you.

    Reply
  2. Открыть учетную запись в binance says:
    6 months ago

    Your point of view caught my eye and was very interesting. Thanks. I have a question for you.

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