opinion

BTC may have bottomed

Crypto on-chain analyst Willie Wu told X (formerly Twitter) that bitcoin may have bottomed out. "There is good news and bad news regarding bitcoin's fundamentals," he said. "The SOPR (a metric that measures whether holders are selling assets at a profit or loss) has peaked at a very high level. This suggests that profit taking is underway.

It's also worth noting that bitcoin is down about 17% from its all-time high last week and has rebounded slightly. This is reminiscent of the previous cycle when it fell 31% from its peak. At the same time, the bad news is that macro risks are starting to rise, so it's all a game of patience.

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