This metric suggests that BTC could see a sharp uptick in the next 2 months

Bitcoin (BTC) is currently hovering between $94,000 and $96,000, but on-chain signals suggest that the cryptocurrency is on a high. According to data from blockchain analytics platform CryptoQuant, BTC is likely to witness significant and significant growth in the next one to two months.

According to a report by renowned digital asset analyst Crypto Dan, a sign that appears once or twice in every bull market has now been seen. As we approach the final phase of this cycle, it suggests that BTC may soon skyrocket.

BTC can skyrocket in 2 months.

The so-called golden cross of the SOPR indicator consists of the SOPR 365-day moving average crossing the SOPR 30-day moving average. Only during the bull seasons these indicators were crossed, and the market experienced a strong rally each time in the next two months.

According to CryptoDan, the signal occurs once or twice in the entire bull cycle and is the second in this upward phase that started in January 2023.

In particular, the upcoming rally could be the biggest in the last phase of this cycle. According to the crypto analyst, when the market moves into the later stage of the bull cycle, the volume of these runs increases more often, while the declines and corrections are smaller and occur in a shorter period of time.

If the indications of this signal materialize between the end of 2024 and the first quarter of 2025, Crypto Dan expects the market to see new capital inflows and the creation of additional crypto funds. This increase in demand and exchange rate will help drive the market to higher levels.

BTC slips below $95k

Meanwhile, analysts are speculating on Bitcoin's short-term price path based on current demand and supply. Long-term investors have been quickly offloading their holdings to profit, while short-term BTC holders have been accumulating; But demand doesn't seem to match supply.

Market experts have identified $ 90,000 and $ 95,000 as key support levels for BTC, which means that if the asset stays above the second, there is a high probability of collecting to $ 100,000. On the other hand, if BTC slips below $90,000, it may fall to the $80,000 range.

At the time of writing, BTC has fallen to $94,800 in an intraday low. Crypto Dan analysis predicts that while the asset will remain stable, it remains to be seen how long it will take to pull out.