Analysts say there may be short-term buying opportunities for Bitcoin

On January 30th, CryptoQuant analyst MorenoDV analyzed the future of Bitcoin based on the aSOPR (Adjusted Spent Output Profit Ratio) indicator, stating that since early 2024, the price of Bitcoin has climbed from around $40000 to over $100000. However, the aSOPR indicator shows a lower pattern of high and low points, indicating that investors take profits earlier at the price peak and their beliefs gradually weaken. MorenoDV pointed out that Bitcoin is currently testing the lower boundary of the downward channel in extreme fear, with about one-third of the supply in a floating loss state. Historically, this condition usually constitutes a short-term buying opportunity, but if the support level is lost and technical indicators confirm bear market momentum, the market may enter a surrender phase.