A well-known Bitcoin analyst, who goes by the name Checkmate, is seeing positive signs for Bitcoin’s future. He’s looking at a specific indicator called the STH-SOPR, which tracks how much profit or loss Bitcoin holders have made over the past 155 days.
Bullish Signals
Checkmate says the STH-SOPR recently dipped below a key level before bouncing back, which he believes indicates strong market fundamentals. He’s excited about this, saying it’s a sign of a Bitcoin bull market.
Bitcoin as a Global Index
The analyst believes Bitcoin’s price is closely tied to global events. He says the Bitcoin blockchain records all transactions, making it a valuable source of market information.
Altcoins Under Pressure
While Bitcoin might be looking good, Checkmate warns that many altcoins (cryptocurrencies other than Bitcoin) could be struggling. He says many altcoins lack real-world use and their price increases are not guaranteed.
Important Note: This information is for general knowledge and should not be considered investment advice. Always do your own research before investing in cryptocurrencies.
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