Bitcoin bull run expected as ‘exhausted’ bears sell at a loss

Bitcoin bull run expected as ‘exhausted’ bears sell at a loss


Bitcoin (BTC) bears are “exhausted” and are even selling at a loss this week, fresh data confirms.

In a tweet on Tuesday, Philip Swift, an analyst at trading suite platform Decentrader, espied an ongoing bullish trend in spent output profit ratio (SOPR).

Bitcoin bears run out of FUD

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SOPR, a classic metric for determining oversold periods on Bitcoin markets among other things, flipped to “buy” for the first time since July last week.

Last time, BTC/USD then launched to local highs of $53,000 over the subsequent few weeks, and hopes are now high that a repeat will materialize.

“We have seen more on-chain selling at a loss over the past few days,” Swift commented.

“This is bullish, particularly after the aggressive summer sell-off. Bears are getting exhausted. Time for the bitcoin bulls to take over very soon.”Bitcoin SOPR chart. Source: Decentrader

SOPR is far from the only Bitcoin market component calling for a return to a bullish upside. Investors themselves are betting on continuation, adding

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