Since the end of June 2023, Bitcoin (BTC) has been in a narrow range between $29,000 – $31,000. Short-term deviations from this tight trading channel have not resulted in a breakout or breakdown in the price of the largest asset.
However, the latest on-chain analysis of the SOPR indicator shows bullish signals for potentially another upward move. If the bullish scenario plays out, BTC could rise as much as 35% in the next few weeks with a target of $38,600.
Short-Term SOPR Gives Bullish Signals
Spent Output Profit Ratio (SOPR) is an on-chain indicator that is calculated by dividing the realized value (in USD) by the value when creating the realized output (in USD). In other words, it is the selling price/buying price. Adjusted SOPR, on the other hand, is the same indicator, only ignoring all outputs with a lifespan of less than 1 hour.
We see a recurring pattern in the short-term aSOPR chart from the first half of 2023. It has…
