Bitcoin’s price has been dwindling for quite sometime. This weekend, its price stayed between ($33,000-$35,000), with an average of $32,000. Market analysts say that Bitcoin is struggling to keep its price up. However, other cryptocurrencies like Chainlink and Aave are continuously rising upward.
Some people are finding a silver lining in the current situation too. They believe that this coin’s price will reach $100K by this year’s end. Willy Woo thinks that Bitcoin’s SOPR (Spent Output Profit Ratio has seen a downfall. Investors want to sell their assets, even for a loss, which is less likely to happen.
It’s an interesting situation, and investors have to see if Bitcoin ever recovers from this position.