This Data Answers the Question on Bitcoin Investors' Mind: Will the Bull Continue?
CryptoQuant data indicates that Bitcoin's aSOPR metric has not yet reached the peak of the bull market and the 1.1 level observed in previous cycles has not yet been reached.
A writer from on-chain data and analytics platform CryptoQuant shared important information about the aSOPR metric, which shows that Bitcoin has not yet reached the peak of its bull cycle.
When the aSOPR metric shared by the analyst is examined, it appears that Bitcoin is stuck at the 1.05 resistance. Bitcoin has experienced this level before the bull run in previous cycles.
It is stated that this situation may be similar to the scenario experienced in July 2019. The analyst stated that Bitcoin will fluctuate between 57 and 72 thousand dollars for a while and then we will see a bull run.
According to the analyst's comments, what is certain is that aSOPR peaked at 1.1 in previous cycles. In the current cycle, this level has not yet been reached. It is predicted that there is potential for further increases until Bitcoin reaches this level at its market peak, which it experienced in the previous two cycles. The CryptoQuant author emphasized that this metric indicates that the bull market may continue.