Editor's PiCK
[Analysis] "Bitcoin, Now is the Time to Accumulate... Selling is a Foolish Choice"
Summary
- Bitcoin is trading in the $93,000 range, and an analysis suggests it's a time to accumulate.
- CryptoQuant reported that short-term investors are cutting their losses.
- Smart investors are expected to consider additional purchases at the current price.
Bitcoin (BTC) has fallen to the $93,000 range, and an analysis suggests that now is the time to accumulate. On the 10th, Bitcoin is trading at around $93,000 on the Binance Tether (USDT) market, down approximately 2.1% from the previous day.
On this day, 'MAC.D' from the on-chain data analysis platform CryptoQuant stated, "The short-term SOPR (Spent Output Profit Ratio), which shows the market sentiment of short-term investors, is at 0.987, indicating that short-term investors are cutting their losses and selling Bitcoin," adding, "Ironically, Bitcoin's price tends to rise when short-term investors are at a loss."
Furthermore, "Considering various indicators that can identify the peaks and troughs of the cycle, it is clear that the current adjustment is not the end of the upward cycle," he continued, "If further declines occur at the current price, smart investors will move to buy more. Choosing to sell now is a very foolish choice."
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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