Yonsei_dent2023-02-12

<BTC: Has it truly entered a bull transition phase?>

If you observe aSOPR at 400DMA🟠, you can see that the market cycle and the flow of indicators match. Also, based on the Supply in Profit (%), we can know whether we have entered a transition period from a bottom to an uptrend. Supply in Profit (%) 🟩 Euphoria Phase: ＞80% 🟨 Transition Phase: 55%~80% 🟥 Bottom Discovery Phase: ≤55% We have passed the Bottom Discovery phase and entered the Transition phase. Compared to the time of entry into the 2019 bull market, it seems a bull transition is in the process of passing through the bottom🟪. However, in the case of the 2015-2016 Bottom, Supply in Profit (%) went down after entering the Transition phase, and the Bottom period became longer. Since aSOPR 400MA reached the previous cycle's low, further declines are unlikely. However, there is a concern that the current situation will be prolonged unless it changes to a positive (+) slope. 🔎 aSOPR SOPR is an indicator that checks the ratio of how much profit a traded virtual asset has made. aSOPR is an indicator that better reflects P&L by excluding UTXO trades made within “1 hour”.