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Blockchain Data May Have Foreshadowed Monday's Bitcoin Price Rally
The SOPR indicator, which measures aggregate net profit/loss could signal a BTC market bottom, according to Glassnode data.
Updated Sep 14, 2021, 12:46 p.m. Published Apr 26, 2021, 6:42 p.m.
Bitcoin was soaring on Monday and, based on an analysis of blockchain data, the price move may have been weeks in the making.
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The "spent output profit ratio" (SOPR), a blockchain data metric that measures the net profit/loss position of outstanding bitcoin (BTC), had approached levels that typically precede price rallies, according to Glassnode, a cryptocurrency analytics firm.
The SOPR dipped below a reading of 1 last week, precisely the level that typically leads to a reversal of a market drawdown, according to Glassnode.
SOPR is used to predict trend reversals by measuring the realized value of the price of BTC sold versus the original purchase price in dollars.
"It would be irrational to sell at a loss when gains are imminent," according to Glassnode.
Bitcoin's price fell Sunday to a seven-week low around $47,100 but has since jumped to around $54,200, up 8.9% over the past 24 hours, based on CoinDesk data.
Will Clemente of Bitcoin Magazine Research, in an April 23 analysis published in the newsletter Pomp Letter, wrote it's "relatively rare to see the aggregate of market participants to take losses in a bull market except during significant corrections.”
“Currently, SOPR is approaching the full reset mark, meaning price has either reached, or is very close to reaching, the bottom of the current correction. Any dips below 1 have historically been great buy opportunities.”Bitcoin Magazine Research's Will Clemente
See also: MVRV & SOPR: Insight into Investor Sentiment
Sharp recovery in SOPR. This means market participants are no longer selling at a loss in aggregate.
— Will Clemente (@WClementeIII) April 25, 2021
It appears whoever was gonna capitulate on their #bitcoin holdings has already done so.
Strong indication of an impending recovery. pic.twitter.com/zAucrruRrs
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