{"id":35366,"date":"2021-01-26T15:52:22","date_gmt":"2021-01-26T13:52:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=35366"},"modified":"2025-08-29T00:59:44","modified_gmt":"2025-08-28T21:59:44","slug":"glassnode-experts-identify-signs-that-bitcoins-correction-is-ending","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-experts-identify-signs-that-bitcoins-correction-is-ending\/","title":{"rendered":"Glassnode experts identify signs that Bitcoin&#8217;s correction is ending"},"content":{"rendered":"<p>Glassnode analysts, based on two on-chain metrics, forecast the end of the correction and the formation of a new bullish price impulse for Bitcoin.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Despite briefly dropping below $30k over the past week, on-chain fundamentals for <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> remain strong, indicating room for further growth.<\/p>\n<p>Meanwhile, the rest of the crypto market is growing even faster than <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>.<\/p>\n<p>Read more in The Week On-Chain \ud83d\udc47<a href=\"https:\/\/t.co\/i6d9W4tTKy\">https:\/\/t.co\/i6d9W4tTKy<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1353825393237606400?ref_src=twsrc%5Etfw\">January 25, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>One such signal was the return of the adjusted Spent Output Profit Ratio (<a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=indicators.SoprAdjusted&#038;mAvg=24&#038;mMedian=0&#038;resolution=1h&#038;s=1595812860&#038;u=1611534060&#038;zoom=182\" target=\"_blank\" rel=\"noopener noreferrer\">aSOPR<\/a>, Adjusted Spent Output Profit Ratio) to neutral levels.<\/p>\n<p>The SOPR metric is calculated as the ratio of the dollar-denominated [simple_tooltip content=\u2019<span style=\"font-weight: 400;\">\u0443\u0447\u0438\u0442\u044b\u0432\u0430\u0435\u0442\u0441\u044f \u0446\u0435\u043d\u0430 \u043a\u0430\u0436\u0434\u043e\u0433\u043e \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u043d\u0430 \u043c\u043e\u043c\u0435\u043d\u0442 \u043f\u043e\u0441\u043b\u0435\u0434\u043d\u0435\u0439 \u043e\u043d\u0447\u0435\u0439\u043d-\u0442\u0440\u0430\u043d\u0437\u0430\u043a\u0446\u0438\u0438<\/span>\u2018] realised value to the cost at the time of creation of the output, and can be used to identify extremes. According to the description on <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=indicators.SoprAdjusted&#038;mAvg=24&#038;mMedian=0&#038;resolution=1h&#038;s=1595812860&#038;u=1611534060&#038;zoom=182\" target=\"_blank\" rel=\"noopener noreferrer\">Glassnode&#8217;s site<\/a>, the adjusted measure excludes from calculations all outputs with a &#8220;life&#8221; duration of less than an hour.<\/p>\n<blockquote>\n<p>&#8220;The 24-hour moving average of aSOPR has returned to unity after rising for several months. In other words, the average investor can no longer sell coins at a profit. A move below the neutral level would indicate selling at a loss, which is unlikely given the current phase of the market,&#8221; the researchers wrote.<\/p>\n<\/blockquote>\n<div id=\"attachment_123062\" style=\"width: 1068px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-123062\" class=\"size-full wp-image-123062\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Clipboard-January-26-2021-1_30-PM-1.png\" alt=\"\u042d\u043a\u0441\u043f\u0435\u0440\u0442\u044b Glassnode \u0432\u044b\u044f\u0432\u0438\u043b\u0438 \u043f\u0440\u0438\u0437\u043d\u0430\u043a\u0438 \u0437\u0430\u0432\u0435\u0440\u0448\u0435\u043d\u0438\u044f \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" width=\"1058\" height=\"563\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Clipboard-January-26-2021-1_30-PM-1.png 1058w, https:\/\/u1f987.com\/wp-content\/uploads\/Clipboard-January-26-2021-1_30-PM-1-300x160.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Clipboard-January-26-2021-1_30-PM-1-1024x545.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Clipboard-January-26-2021-1_30-PM-1-768x409.png 768w\" sizes=\"auto, (max-width: 1058px) 100vw, 1058px\" \/><\/p>\n<p id=\"caption-attachment-123062\" class=\"wp-caption-text\">Data: Glassnode.<\/p>\n<\/div>\n<p>For the most part, SOPR oscillates around unity. Along the Bitcoin rally that began in October, the metric pushed into a range above 1.25. In a bull market, values rarely dip below the neutral level, as investors are not inclined to sell at a loss.<\/p>\n<p>According to Whalemap, the current SOPR readings favour optimists relative to previous bull cycles.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">This is how HODLer SOPR looks for previous cycles. We are nowhere near those values now <a href=\"https:\/\/t.co\/cg9QypMmsl\">pic.twitter.com\/cg9QypMmsl<\/a><\/p>\n<p>\u2014 whalemap (@whale_map) <a href=\"https:\/\/twitter.com\/whale_map\/status\/1353691835059871744?ref_src=twsrc%5Etfw\">January 25, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Another tracked Glassnode metric \u2014 the difference between unrealized profits and losses based on the latest coin movement (NUPL, Net Unrealized Profit\/Loss) \u2014 has approached the boundary between the &#8220;belief&#8221; and &#8220;euphoria&#8221; zones.<\/p>\n<blockquote>\n<p>Historically, an uptick in NUPL has preceded the formation of a global top (periods on the chart are marked with red circles). In mid-2017 the reversal occurred after Bitcoin&#8217;s price rose another 900%. In January the indicator did not cross into this critical zone, which does not rule out a renewed rally.<\/p>\n<\/blockquote>\n<div id=\"attachment_123063\" style=\"width: 1058px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-123063\" class=\"size-full wp-image-123063\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Clipboard-January-26-2021-1_30-PM.png\" alt=\"\u042d\u043a\u0441\u043f\u0435\u0440\u0442\u044b Glassnode \u0432\u044b\u044f\u0432\u0438\u043b\u0438 \u043f\u0440\u0438\u0437\u043d\u0430\u043a\u0438 \u0437\u0430\u0432\u0435\u0440\u0448\u0435\u043d\u0438\u044f \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" width=\"1048\" height=\"568\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Clipboard-January-26-2021-1_30-PM.png 1048w, https:\/\/u1f987.com\/wp-content\/uploads\/Clipboard-January-26-2021-1_30-PM-300x163.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Clipboard-January-26-2021-1_30-PM-1024x555.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Clipboard-January-26-2021-1_30-PM-768x416.png 768w\" sizes=\"auto, (max-width: 1048px) 100vw, 1048px\" \/><\/p>\n<p id=\"caption-attachment-123063\" class=\"wp-caption-text\">Data: Glassnode.<\/p>\n<\/div>\n<p>Earlier in December, Glassnode&#8217;s chief technology officer Raphael Schulze-Kraft suggested that <a href=\"https:\/\/u1f987.com\/en\/news\/glassnode-insanely-bullish-bitcoin-metrics-point-to-targets-above-200000\">the price of Bitcoin could exceed $200,000<\/a>.<\/p>\n<p>In January, CryptoQuant&#8217;s CEO Ki Young Ju <a href=\"https:\/\/u1f987.com\/en\/news\/opinion-institutions-wont-let-bitcoin-fall-below-28000\">stated<\/a> that institutions will not allow the price of the leading cryptocurrency to fall below $28,000, as many have invested near that level.<\/p>\n<p>Follow ForkLog\u2019s news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Glassnode analysts, based on two on-chain metrics, forecast the end of the correction and the formation of a new bullish price impulse for Bitcoin.<\/p>\n","protected":false},"author":1,"featured_media":35367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Glassnode analysts, based on two on-chain metrics, forecast the end of the correction and the formation of a new bullish impulse for Bitcoin.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1273,1145,1268],"class_list":["post-35366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-glassnode","tag-market-analysis","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"Glassnode analysts, based on two on-chain metrics, forecast the end of the correction and the formation of a new bullish impulse for Bitcoin.","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/35366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=35366"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/35366\/revisions"}],"predecessor-version":[{"id":35368,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/35366\/revisions\/35368"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/35367"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=35366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=35366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=35366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}