Analyst Murphy has highlighted that the Bitcoin Profitable Supply Percentage (PSIP) recently dipped below 65%, signaling a cautious market sentiment. Although the PSIP has since rebounded to 67.6%, it remains within a critical range of 65%-70%. Historical trends suggest that a PSIP below 50% often marks a bear market bottom, with the latest analysis indicating that Bitcoin may need to fall below $62,000 to reach this point. Murphy's analysis suggests that a Bitcoin price below $62,000 could represent a significant buying opportunity, though market participants are advised to remain patient as the situation develops. The PSIP's movement is seen as a key indicator of market confidence, with potential upward shifts restoring optimism and downward trends possibly inciting panic.
Bitcoin Bear Market Bottom May Be Near $62,000, Analyst Suggests
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