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26 November 2020

4 metrics suggest Bitcoin price will correct — But can BTC hit $20K first?

4 metrics suggest Bitcoin price will correct — But can BTC hit $20K first?

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A pullback in the price of Bitcoin (BTC) is likely, based on several on-chain data points, namely the Spent Output Profit Ratio (SOPR) indicator, stablecoin inflows, stacked sell orders at $19,000, and the Crypto and Fear Index.

In the past several days, the SOPR indicator has reached a level that previously led the price of Bitcoin to correct such as in late 2018 and summer 2019.

Hence, if Bitcoin gets stagnant or consolidates in the near term below the $19,000 resistance, a minor pullback could emerge.

Exchange order books also show that the $19,000 level has become an important resistance area.

However, over the past several months that exchanges' Bitcoin reserves have been in a continuous downtrend as Cointelegraph reported.

Moreover, there are other factors that could delay the correction until after Bitcoin breaks $19,000 or potentially even $20,000.

CoinMetrics network data analyst Lucas Nuzzi found that the MVRV ratio, which tracks the realized cap of Bitcoin, is not near the level that marked previous tops.

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