4 metrics suggest Bitcoin price will correct — But can BTC hit $20K first? By Cointelegraph


4 metrics suggest Bitcoin price will correct — But can BTC hit $20K first?

A pullback in the price of (BTC) is likely, based on several on-chain data points, namely the Spent Output Profit Ratio (SOPR) indicator, stablecoin inflows, stacked sell orders at $19,000, and the Crypto and Fear Index. However, the question remains when that correction would occur.

The SOPR indicator essentially gauges how profitable Bitcoin holders are at the moment. When the SOPR is high, BTC is at risk of a profit-taking pullback since traders tend to sell when they are in profit.

Adjusted Bitcoin SOPR. Source: Glassnode
Stablecoins Ratio for BTC. Source: CryptoQuant
Bitcoin balance on exchange 90-day moving average. Source: CryptoQuant