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.
Another #Bitcoin indicator hints at explosive growth!— Ali (@ali_charts) April 9, 2023
Historically, aSORP (90d) below 1 signals a bear market, & above 1 signals a bull market. In 2015, 2019 & 2020, it led to 6,110%, 150%, & 579% gains.
aSORP recently moved above 1, suggesting $BTC readies to go parabolic 🚀 pic.twitter.com/gSYubuvgu1
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.
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.
#Bitcoin still holding the lower area of support, and still following the path.— Michaël van de Poppe (@CryptoMichNL) April 9, 2023
Everyone wants to long $25K, but I think we won't be getting it.
No clear bearish divergences either on higher timeframes.
Retest of $28.6K & most likely breakout to $30K+. pic.twitter.com/RbEFvPMWut
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.