TechFlow news, October 9 — Cryptoquant analyst released a report indicating that Bitcoin's price is currently positioned between a key psychological turning point and an optimistic zone. This range significantly influences market sentiment, and maintaining within it suggests a lower likelihood of a sharp decline. The analysis highlights that the "on-supply profit" metric is crucial for the continuation of a bull market. Historical data shows that during the 2016 and 2020 bull runs, Bitcoin remained stable within this range before entering sustained upward movements. Currently, Bitcoin is testing this optimistic zone; holding above it could strengthen investor confidence in future price increases. However, a breakdown below this range may shift market sentiment toward pessimism, potentially triggering a price drop. The analyst emphasized that as long as Bitcoin remains within the current range, the probability of a significant downturn remains low.
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