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Did Bitcoin Bottom at $92K? Onchain Metrics Hint It Might Have

Despite Bitcoin’s recent dip below $92,000, three key onchain metrics suggest the worst may be over, pointing to a potential bottom and renewed investor optimism.

• Main Points:

  • SOPR Decline Indicates Capitulation: Short-term holders sold at a loss, often signaling market bottoms.

  • Dormancy Flow Turns Bullish: Historical buy-zone levels suggest recovery potential.

  • Long-Term Holders Slow Distribution: Supply distribution trends align with accumulation phases.

• Detailed Insights:

  • SOPR Drop as a Buy Signal:

    • Spent Output Profit Ratio (SOPR) fell to 0.98, signaling capitulation by short-term holders.

    • Similar SOPR declines have preceded price recoveries, such as a 31% rally after August 2024’s dip.

  • Dormancy Flow in the Green Zone:

    • The entity-adjusted dormancy flow fell below 250,000, a historic buy zone.

    • Previous dips to this zone led to significant bull runs, such as the July 2021 rally to $69,000.

  • Long-Term Holders Transition to Accumulation:

    • Long-term holder (LTH) supply distribution has peaked, suggesting a shift to accumulation.

    • Similar phases in past cycles preceded sustained price increases.

Related: Fed Takes “Neutral” Stance as Trump Era Approaches

While Bitcoin’s recent drop created short-term bearish sentiment, key metrics like SOPR, dormancy flow, and LTH trends indicate potential for a strong recovery, with $92,000 likely marking a local bottom.

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El Salvador’s Bitcoin Revolution Drives Tourism Surge

El Salvador’s innovative bitcoin policies and safety reforms have positioned the nation as a global tourism powerhouse. A 2024 tourism boom saw a 22% increase in visitors, driven by cryptocurrency enthusiasts and improved security.

• Main Points:

  • Record Tourism Growth: 3.9 million tourist arrivals in 2024, a 22% year-over-year increase.

  • Bitcoin Appeal: Bitcoin adoption as legal tender since 2021 attracts global crypto enthusiasts.

  • Improved Safety: Homicides dropped to 114 in 2024, enhancing the nation’s appeal.

  • Economic Impact: Tourism contributes 11% to GDP, surpassing regional competitors.

  • Key Destinations: Surf City’s 82% hotel occupancy showcases U.S. tourist interest.

• Detailed Insights:

  • Tourism Milestone: El Salvador welcomed 3.9 million tourists in 2024, achieving a 22% rise compared to 2023, with most visitors from the U.S.

  • Bitcoin Integration: Bitcoin’s legal tender status and its daily use offer unique experiences, fueling curiosity and visits.

  • Safety Gains: Annual homicides plummeted from 6,656 in 2015 to 114 in 2024, enhancing visitor confidence.

  • Economic Boost: Tourism’s GDP contribution grew to 11%, outpacing Costa Rica’s 5% share.

  • Prime Locations: Surf City’s high occupancy rates underline the success of government-led initiatives.

Related: Crypto Sentiment Falls as Bitcoin Slips Below $92K

El Salvador’s combined focus on cryptocurrency and security has set an inspiring precedent, blending technological adoption with economic growth to redefine its global image.

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Bitcoin in the “Banana Zone”: Raoul Pal Dismisses $75K Crash Concerns

Raoul Pal, Real Vision CEO, refutes fears of Bitcoin falling to $75,000, explaining the “Banana Zone”—a market cycle featuring surges, corrections, and altcoin growth. He believes the current pattern aligns with historical trends, suggesting optimism for investors.

• Main Points:

  • Market Status: Bitcoin recovers above $94,000 after dipping below $92,500.

  • Banana Zone Explained: Pal outlines three phases: surge, correction, and altseason.

  • Reassurance: Pal compares current conditions to the 2017 cycle, suggesting similar bullish outcomes.

• Detailed Insights:

  • Current Bitcoin Trends: BTC stabilized above $94,000 amidst market uncertainties. Pal dismissed crash fears, citing patterns aligning with historical trends.

  • Banana Zone Phases:

    • Initial Surge: Aggressive price rise, seen when Bitcoin hit $100,000.

    • Correction Phase: Temporary consolidation or drop, often sparking investor panic.

    • Altseason: Altcoins outperform Bitcoin, offering widespread market opportunities.

  • Historical Parallels: Pal referenced the 2017 cycle’s resilience to geopolitical and economic challenges, reinforcing his optimistic outlook for Bitcoin.

  • Investor Confidence: External factors like a weakening dollar and global liquidity shifts could support Bitcoin’s trajectory, similar to past cycles.

Related: Crypto’s “Banana Singularity” Signals Altcoin Season: Analyst

Despite recent volatility, Bitcoin’s position in the Banana Zone suggests a bullish outlook, with altseason expected to drive broader market gains.

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results