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Glassnode analysts have found that the amount of cryptocurrency losses of investors has reached a historic high
According to Glassnode analysts, the Lost Profit Ratio (SOPR) has reached a historic high over the past two years. This is due to the fall in the value of digital assets, which is accompanied by panic among members of the cryptocurrency community.
The SOPR coefficient, used to analyze bitcoin market cycles, helps to identify periods when long-term investors sell BTC $96,828.00 Bitcoin 2.38% Market capitalization $1.92 trillion VOL. 24 hours $6.03 billion at a loss or, conversely, fix profitable positions.
Currently, the SOPR indicator is 0.9847, which means that investors are recording losses (if the indicator is equal to 1, investors are selling bitcoin without losses, if it is greater than 1, they are selling it with a profit). The last time the SOPR indicator was at the same level was in March 2020, when the price of bitcoin fell to $ 3782 due to COVID-19. As early as November 2021, the flagship cryptocurrency reached an all-time high of $ 69,000. Therefore, according to analysts, we should expect new highs to be reached soon.
According to representatives of the crypto analytical firm TradingShot, if bitcoin maintains its position over the next week, investors should expect strong growth in 2023. According to TradingShot’s fractal analysis, the support level for bitcoin is $ 16,628, and if the flagship cryptocurrency manages to stay at this level, it may rise to $ 95,000.