As a researcher with experience in analyzing cryptocurrency markets, I believe that the current market conditions point towards an early arrival of the much-anticipated bull run. The recovery in market sentiments and the significant price surge in cryptocurrencies, particularly Bitcoin, are noteworthy indicators of this possibility.
As a researcher observing market trends, I’ve noticed some promising signs that could potentially indicate the beginning of a bull run. After weeks of neutral sentiment, there has been a noticeable shift towards greediness among investors. Furthermore, an impressive price surge has taken place in the cryptocurrency sector, with Bitcoin leading the charge.
In this blog, let us discuss the five prominent signs indicating an early arrival of Bull Run.
Bitcoin Market Dominance
As a bitcoin market analyst, I’ve observed some significant progress in the past few days. The current Bitcoin price stands at an impressive $67,146.49, which is only 9% shy of its all-time high (ATH) of $73,750.07. If this upward trend persists, we might witness even higher prices in the future. Furthermore, according to Tradingview data, Bitcoin’s dominance has reached a remarkable 55.87%, marking the highest level in the past three years. This surge in dominance is considered the first sign of an early bull run based on historical market trends. In summary, the bull run commences when Bitcoin’s dominance surpasses the 56% threshold.
Bitcoin MVRV Z score
Based on my analysis of the Bitcoin data from LookIntoBitcoin’s charts, I have found that the MVRV Z score plays a crucial role in identifying the peak moments of the Bitcoin cycle. This metric compares the current value of Bitcoin’s market capitalization to its historical average. The highest point of this comparison is around 6, and presently, we are at the halfway mark towards reaching that level. It’s important to note that since the 2021 bull run, the Bitcoin MVRV Z score hasn’t come close to scoring a 6.
Bitcoin HODL Waves
The trend in Bitcoin HODL waves indicates a bullish outlook for Bitcoin based on the analysis of new and old Bitcoin holders. With a decrease in new Bitcoin holders, there’s a potential for increased price growth due to reduced selling pressure. New Bitcoin holders tend to be more inclined to sell during market downturns or when they perceive small profits.
RHODL Ratio
The RHODL ratio signifies the relationship between the price of Bitcoin purchased recently and that purchased over the past year or two. According to current market information, investors are spending more money on Bitcoin now than they did two years ago. Consequently, this figure suggests that the Bitcoin market may have reached its peak.
Puell Multiple Level
Multiple Puelle signifies the variation between the short-term Bitcoin miner revenue and long-term trends. Typically, a peak emerges when the figure reaches around 3, with this year’s maximum reaching 2.5 in March. Currently, it hovers below 1 following the Bitcoin halving event. However, it has been on an upward trend lately and is expected to bolster the ongoing bull market.
As a crypto analyst, I’ve observed an intriguing pattern: during market cycles, when the Puell multiplier is high, miners tend to earn substantial profits. This trend appears to coincide with cycle peaks. To put it simply, we’ve experienced two major spikes in the past market cycles. We’ve just finished the first one, and based on historical data, it seems that another spike lies ahead before the peak is reached.
Final Thought
The bull market offers the most significant profits in the market, but it’s not just a one-day phenomenon; instead, it necessitates a strong market surge. As the crypto market experienced weeks of turmoil, investors are eagerly awaiting the bull rally to offset their losses. The anticipated bull run is predicted to last until the end of the year and continue into mid-2025. However, certain on-chart indicators and crypto analysts suggest that the bullish trend may begin earlier based on market readiness.
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2024-05-20 11:40