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Bitcoin (BTC) Readies to Go Parabolic, This Historical Data Shows

Mon, 04/10/2023 - 09:13
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Yuri Molchan
According to recent report, this Bitcoin indicator is showing that massive BTC rise may be coming
Bitcoin (BTC) Readies to Go Parabolic, This Historical Data Shows
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Crypto analyst and trader Ali Martinez has taken to Twitter to share some positive news about Bitcoin. He believes that the recent rise of the aSOPR index shows that Bitcoin may be preparing itself to go parabolic. Over the past seven years, this rise has led to significant price surges of the flagship digital currency.

BTC readies to skyrocket, analyst says

Martinez says that the Adjusted SOPR (aSOPR) index (an acronym standing for The Spent Output Profit Ratio) has exceeded 1, which signifies the potential for a parabolic rise for Bitcoin. When below zero, this index hints at a bear market.

However, when aSOPR rose above the 1 level in 2015, 2019 and 2020, this caused Bitcoin to show staggering rises of 150% and 579% gains in the two former cases. In 2015, this pushed the price of digital gold up by a whopping 6,110% and made BTC hit its $20,000 all-time high, rising from slightly under $400.

There is more good news: Bitcoin has reached an all-time high, in the sense that now more than one million wallets are holding 1+ BTC.

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Bitcoin heading for $30,000: prediction

Another prominent crypto analyst, Amsterdam-based Michael van de Poppe, posted an optimistic tweet about BTC, saying that despite maintaining "the lower area of support," it is still following the path he had predicted earlier.

He believes that Bitcoin will hardly be reduced to trading at the $25,000 level, even though many want to long BTC there. Van de Poppe sees no bearish time frames on the chart, so he expects Bitcoin to retest $28,600 soon and most likely break out above $30,000.

At the time of writing, BTC is changing hands at $28,338, rising 1.48% in the past 24 hours, according to data provided by CoinMarketCap.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at