The price of Bitcoin shows signs of a potential breakthrough due to positive market indicators. Market analyst Crypto Dan points out that the Spent Output Profit Ratio (SOPR) of the asset has formed a golden cross, indicating a bullish peak and that holders expect a price peak. Last month, Bitcoin set multiple historical highs, reaching 99 thousand dollars before a price correction. The golden cross signal suggests a potential upward trend, despite short-term sideways trading observed in recent days. The golden cross occurs when the 50-day simple moving average crosses above the 200-day point, indicating bullish sentiment. SOPR shows the profit levels of Bitcoin fluctuating over a certain period, which is often related to sales and is a key indicator for analysts. The golden cross appeared twice within the bullish window, the first time being in January 2023. The BTC price systematically rose due to optimism surrounding ETFs, trading above 45 thousand dollars. After the golden cross, new capital inflows are expected to occur by the end of 2024 to the first quarter of 2025, driving the market to its peak. The current price of Bitcoin is 95,523 dollars, down 1.87% today.

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Bitcoin price has shown signs of a larger breakout in the coming months due to positive market indicators. According to market analystCrypto Dan, a golden cross has formed on the asset’s Spent Output Profit Ratio (SOPR). This points to high points in a bull market with holders anticipating price peaks.Last month, Bitcoin tapped multiple all-time highs, rallying as high as $99K before the price correction. A golden cross signal indicates another upward swing, although short-term sideways trading has been seen in recent days. Charts mark a golden cross when the 50-day simple moving average crosses the 200-day point, showing bullish levels. This is shown in several assets like XRP and Bitcoin amid the market swing.Meanwhile, SOPR shows that Bitcoin’s profit levels moved within a certain period. Moved BTC is often attributed to sales, which makes it a key metric for analysts. When assets are in the green zone, it points to a wider BTC whale inflow.A Repeat of Progressive Price ActionThe golden cross of a SOPR occurs twice within a bullish window. The first in this cycle was recorded in January 2023, following institutional entrants into the market after turmoil in the previous year. Crypto prices slumped in 2022 following the collapse of Terra’s algorithmic stablecoin and FTX,wiping billionsoff the market.The price of BTCincreased systemically, trading above $45k followingETF optimism. Approval of these products spiked the price to new levels. Notably, after a golden cross, crypto assets hit new momentum within two months,forming a new target among Bitcoin bulls.“As the market moves towards the later stages of the cycle, the magnitude of the rise tends to be larger, and the periods of decline/adjustment are shorter. If a steep rise occurs as implied by this indicator within the end of 2024 to the first quarter of 2025, it can be expected that new inflows and additional funds will enter the market, bringing it to its peak,”Dan added.Slow Trading Affects BTC PriceComing off the weekend, Bitcoin recorded outflows alongside the wider market. BTC trades at $95,523, down 1.87% today as bulls attempt to recover losses. Longer-term numbers still stand in the green zone for the asset, but whales signal slow movements above the $90k zone with sights above the $100K.Altcoins have moved similarlyexcept for XRP, which trades above 36%. Meanwhile, Solana and BNB posted 5.16% and 2.77% losses in the last 24 hours.

The price of Bitcoin is showing signs of a potential breakout due to a golden cross signal.