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Bitcoin bullish outlook intact on touching $40,000 again, but Glassnode's SOPR hints at healthy correction


Jan 15, 2021 04:47 GMTCrypto News
Bitcoin SOPR is at extreme overbought conditions suggesting that the bull-run still is intact.
Short-term Bitcoin holders (traders) are helping to push Bitcoin in profit.
The Entity-Adjusted SOPR points to a possible pullback after overshadowing the 2017 top.
Bitcoin boasts of a nearly 30% rebound after touching the major support at $30,000 early this week. Despite the massive liquidations in the futures market, which saw over $1.5 billion wiped off, BTC presented a strong bullish front, bringing down the seller congestion at $36,000 and $38,000.
At the time of writing, the bellwether cryptocurrency is trading marginally above $39,000 after touching $40,000 on Friday during the Asian session. The Spent Output Profit Ration (SOPR), an on-chain metric by Glassnode, is exceptionally overbought, as Rafael Schultze-Kraft discussed, a renowned on-chain analyst. This situation calls for a couple of events; Bitcoin may settle for conso ....

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'Insanely bullish': Glassnode CTO predicts BTC price will rise 10X from here


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The chief technical officer of crypto market data aggregator Glassnode, Rafael Schultze-Kraft, has described a slew of Bitcoin (BTC) market indicators as “insanely bullish,” and predicted prices are set to increase by more than 10 times.
On Dec. 9, Schulze-Kraft tweeted a thread providing the basis for his ultra-optimistic prediction, presenting six of “the most important on-chain market indicators that are currently hovering at the same levels they were at the start of 2017.”
1/ Where are we in the #Bitcoin market cycle?
A look at some of the most important on-chain market indicators.
TLDR: Insanely bullish, most metrics are far from the top. If things develop anything like 2017, we could see more than 10x $BTC from here. ....

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Glassnode CTO Expects Bitcoin to Rally More Than Ten Times


Glassnode CTO Expects Bitcoin to Rally More Than Ten Times
Dec 11 2020 · 10:50 UTC by Steve Muchoki · 3 min read
Photo: Depositphotos
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Apparently, through several on-chain market indicators analyzed by Glassnode, Bitcoin market price is poised to rally more than ten times in the future, if things develop like 2017 and data holds true.
Through a series of tweets, Glassnode CTO Rafael Shultze-Kraft highlighted through historical metrics what to expect in the Bitcoin market in the near future. Apparently, through several on-chain market indicators analyzed by Glassnode, Bitcoin market price is poised to rally more than ten times in the future, if things develop like 2017 and data holds true. ....

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