Bitcoin SOPR indicator remains above breakeven line for 3 consecutive weeks, analysts warn of downside risks

CryptoQuant data shows that the Bitcoin SOPR indicator has remained above 1 for three consecutive weeks since August 19th, with a current reading of around 1.002. Checkonchain indicates that the current on chain structure is approaching the early stage of bull market recovery. ARK Invest portfolio manager David Puell believes that there is still downside risk to Bitcoin prices, and SOPR needs to remain above 1 for a longer period of time and form higher highs and lower lows in order to provide sufficient evidence for the end of the bear market.