Bitcoin price prediction: consolidation near $96K as SOPR indicator signals bullish momentum
Bitcoin SOPR golden cross signals potential rally as price hovers at $96,
Bitcoin price prediction presents a mix of signals that could shape its next major move. While the cryptocurrency has been range-bound near $95,000 in recent days, a golden cross in the Bitcoin SOPR indicator hints at a potential rally in the months ahead.
However, with current trading levels at $96,000, near-term risks linger, creating an interesting crossroads for traders.
Bitcoin’s broader uptrend remains intact, but its short-term momentum appears uncertain. Over the past five days, Bitcoin has stayed within a tight consolidation range above $95,000, though trading volumes and volatility have diminished. Intraday indicators further reflect this indecision, with the Relative Strength Index (RSI) hovering around the neutral 50 mark, suggesting a lack of directional clarity. Adding to the low volatile outlook, intraday price action reveals a bearish trendline descending from the all-time high of $99,300 which indicates possible downside pressure. A break below $95,000 could see further declines, while a breakout above $100,000 would likely fuel bullish momentum.
BTC price dynamics (September-November 2024). Source: TradingView
Spent output profit ratio (SOPR) shapes Bitcoin outlook
Another notable development on the technical analysis front, is the golden crossover in Bitcoin’s Spent Output Profit Ratio (SOPR). This indicator measures whether investors are selling at a profit or loss and recently saw its 30-day moving average rise above the 365-day moving average. Historical data suggests this pattern often precedes significant price rallies within two months. The crossover, the second of this market cycle, signals increased profit-taking in the market, potentially paving the way for Bitcoin’s next bullish leg.
Given the current price level at $96,000 and key technical factors in play, traders will closely monitor whether the SOPR signal can override short-term bearish pressures and push the cryptocurrency toward a new cycle peak.
A parabolic move in the final week of November saw BTC falter near the psychological $100,000 mark. Market metrics reveal a historic drop in Bitcoin exchange flows to Binance.
Recently we wrote, that Santiment, a leading information and analytics platform, has reported significant network growth among several altcoins, indicating heightened investor interest and engagement.
