{"id":647192,"date":"2024-10-10T05:00:46","date_gmt":"2024-10-10T05:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=647192"},"modified":"2024-10-09T17:01:45","modified_gmt":"2024-10-09T17:01:45","slug":"critical-moment-for-bitcoin-analyst-reveals-key-psychological-turning-point","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/critical-moment-for-bitcoin-analyst-reveals-key-psychological-turning-point\/","title":{"rendered":"Critical Moment For Bitcoin: Analyst Reveals Key Psychological Turning Point"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">The recent Bitcoin price action appears to have caught the attention of market analysts, with a particular focus on its positioning between key psychological levels.<\/p>\n<p data-pm-slice=\"1 1 []\">A CryptoQuant analyst under the pseudonym &#8220;datascope&#8221; recently <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6706410bc3308838d287e85e-Bitcoin-at-a-Critical-Psychological-Turning-Point\" target=\"_blank\" rel=\"noopener nofollow\">posted<\/a> on the CryptoQuant QuickTake platform, providing an in-depth analysis of Bitcoin\u2019s current price movements.<\/p>\n<p data-pm-slice=\"1 1 []\">The analyst highlighted that Bitcoin is at a critical psychological turning point, where market sentiment could shift towards optimism or pessimism <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-supply-loss-20-trigger-a-fresh-surge\/\" target=\"_blank\" rel=\"noopener \">based on its trajectory<\/a>.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-supply-loss-20-trigger-a-fresh-surge\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Supply In Loss Nears 20%: Could This Trigger A Fresh Surge?<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">Bitcoin Historical Patterns Suggest Optimism Could Persist<\/h2>\n<p data-pm-slice=\"1 1 []\">According to datascope, Bitcoin&#8217;s price, which currently <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-failed-attempt-to-break-64000-could-lead-to-a-disaster-analyst\/\" target=\"_blank\" rel=\"noopener \">trades just above $62,000<\/a> is sitting in a range where historical data suggests that the market participants&#8217; outlook can sway in either direction, depending on whether they are in profit.<\/p>\n<figure style=\"width: 926px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/480777\/quicktake\/Fk3isS48_52179ec38605dd6bb2aaf1dbd6a516f0e5ac1ba09f5b2473cfefa87b2ad218cd.png?resize=926%2C341&#038;ssl=1\" alt=\"Bitcoin supply in profit. \" width=\"926\" height=\"341\"><figcaption class=\"wp-caption-text\">Bitcoin supply in profit. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">The analyst further explained that as long as Bitcoin stays within this critical range, the chances of a significant <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-uptober-sentiment-remains-neutral\/\" target=\"_blank\" rel=\"noopener \">price decline are minimal<\/a>. This \u201czone of optimism\u201d range has been a determining factor in previous bull markets, most notably in 2016 and 2020.<\/p>\n<p data-pm-slice=\"1 1 []\">The CryptoQuant analyst emphasized that the \u201cSupply in Profit\u201d metric, which measures the portion of Bitcoin\u2019s circulating supply held by investors who are in profit, is a vital indicator in understanding market sentiment.<\/p>\n<p data-pm-slice=\"1 1 []\">In the past, whenever a significant portion of Bitcoin&#8217;s supply was in profit, it resulted in an optimistic outlook, supporting the price to <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-price-surge-in-2024-not-enough-to-beat-golds-risk-adjusted-returns-details-here\/\" target=\"_blank\" rel=\"noopener \">push higher<\/a>. Bitcoin\u2019s current position within this zone of optimism suggests that a continued rally could be in store if the price maintains stability.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a> at a Critical Psychological Turning Point<\/p>\n<p>\u201cBitcoin\u2019s price is sitting at a psychologically important level. Historically, when prices stayed within this range, the market continued its upward trend.\u201d \u2013 By <a href=\"https:\/\/twitter.com\/0xDataScope?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">@0xDataScope<\/a><\/p>\n<p>Read more \ud83d\udc47<a href=\"https:\/\/t.co\/q6FzjuhRHS\" target=\"_blank\" rel=\"noopener nofollow\">https:\/\/t.co\/q6FzjuhRHS<\/a> <a href=\"https:\/\/t.co\/ouZIuztaJd\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/ouZIuztaJd<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/78294147?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">October 9, 2024<\/a><\/p><\/blockquote>\n<p data-pm-slice=\"1 1 []\">Looking back at historical bull markets, the analyst pointed out that during the bull runs of 2016 and 2020, Bitcoin maintained its position between a psychological turning point and the optimism zone, allowing the market to enter a sustained upward trend.<\/p>\n<figure style=\"width: 933px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/480777\/quicktake\/JiY1tL_665d31c050c24d3a50dcb0e4030b64e14d7d5df8ab444c44b0e7d39828441bd0.png?resize=933%2C342&#038;ssl=1\" alt=\"Bitcoin supply in profit from 2016 to 2024.\" width=\"933\" height=\"342\"><figcaption class=\"wp-caption-text\">Bitcoin supply in profit from 2016 to 2024. | Source: CryptoQuant<\/figcaption><\/figure>\n<h2 data-pm-slice=\"1 1 []\">Key Indicators To Watch Moving Forward<\/h2>\n<p data-pm-slice=\"1 1 []\">In addition to the &#8220;Supply in Profit&#8221; metric, the CryptoQuant analyst suggests monitoring the overall market sentiment and Bitcoin\u2019s <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-whales-generational-shift-cryptoquant-ceo\/\" target=\"_blank\" rel=\"noopener \">price movements in the coming days<\/a>.<\/p>\n<p data-pm-slice=\"1 1 []\">Should Bitcoin stay within this critical psychological range, it is less likely to experience a significant price drop. However, if Bitcoin fails to hold this zone and breaks below, market sentiment could turn bearish, leading to a further price decline.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-whales-generational-shift-cryptoquant-ceo\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Whales Are Going Through A \u2018Generational\u2019 Shift, CryptoQuant CEO Reveals<\/a><\/div>\n<p>The analysis suggests that Bitcoin\u2019s current price behavior largely depends on market participants\u2019 psychology, and this psychological turning point will likely dictate the next major move.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/1PccZv4v\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving sideways on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=OANDA%3AXAUUSD\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent Bitcoin price action appears to have caught the attention of market analysts, with a particular focus on its positioning between key psychological levels. A CryptoQuant analyst under the pseudonym &#8220;datascope&#8221; recently posted on the CryptoQuant QuickTake platform, providing an in-depth analysis of Bitcoin\u2019s current price movements. The analyst highlighted that Bitcoin is at a critical psychological turning point, where market sentiment could shift towards optimism or pessimism based on its trajectory. Related Reading: Bitcoin Supply In Loss Nears 20%: Could This Trigger A Fresh Surge? Bitcoin Historical Patterns Suggest Optimism Could Persist According to datascope, Bitcoin&#8217;s price, which currently trades just above $62,000 is sitting in a range where historical data suggests that the market participants&#8217; outlook can sway in either direction, depending on whether they are in profit. The analyst further explained that as long as Bitcoin stays within this critical range, the chances of a significant price decline are minimal. This \u201czone of optimism\u201d range has been a determining factor in previous bull markets, most notably in 2016 and 2020. The CryptoQuant analyst emphasized that the \u201cSupply in Profit\u201d metric, which measures the portion of Bitcoin\u2019s circulating supply held by investors who are in profit, is a vital indicator in understanding market sentiment. In the past, whenever a significant portion of Bitcoin&#8217;s supply was in profit, it resulted in an optimistic outlook, supporting the price to push higher. Bitcoin\u2019s current position within this zone of optimism suggests that a continued rally could be in store if the price maintains stability. #Bitcoin at a Critical Psychological Turning Point \u201cBitcoin\u2019s price is sitting at a psychologically important level. Historically, when prices stayed within this range, the market continued its upward trend.\u201d \u2013 By @0xDataScope Read more \ud83d\udc47https:\/\/t.co\/q6FzjuhRHS pic.twitter.com\/ouZIuztaJd \u2014 CryptoQuant.com (@cryptoquant_com) October 9, 2024 Looking back at historical bull markets, the analyst pointed out that during the bull runs of 2016 and 2020, Bitcoin maintained its position between a psychological turning point and the optimism zone, allowing the market to enter a sustained upward trend. Key Indicators To Watch Moving Forward In addition to the &#8220;Supply in Profit&#8221; metric, the CryptoQuant analyst suggests monitoring the overall market sentiment and Bitcoin\u2019s price movements in the coming days. Should Bitcoin stay within this critical psychological range, it is less likely to experience a significant price drop. However, if Bitcoin fails to hold this zone and breaks below, market sentiment could turn bearish, leading to a further price decline. Related Reading: Bitcoin Whales Are Going Through A \u2018Generational\u2019 Shift, CryptoQuant CEO Reveals The analysis suggests that Bitcoin\u2019s current price behavior largely depends on market participants\u2019 psychology, and this psychological turning point will likely dictate the next major move. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":647197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,6848,1119,78790,6664,10923],"class_list":["post-647192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Critical Moment For Bitcoin: Analyst Reveals Key Psychological Turning Point<\/title>\n<meta name=\"description\" content=\"Bitcoin recent price action appears to have caught the attention of market analysts, with particular focus on its positioning between...\" \/>\n<meta name=\"robots\" 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His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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