Apart from seeing a recovery in the crypto market sentiments, a few other things have indicated a possibility of a bull run. From the past few days, the market sentiments have turned greedy from weeks of neutral positioning. Moreover, a significant price surge is in the case of cryptocurrencies, including Bitcoin.
In this blog, let us discuss the five prominent signs indicating an early arrival of Bull Run.
Bitcoin Market Dominance
Bitcoin price has made a substantial recovery these days and is currently trading at $67,146.49. It is just 9% away from the ATH of $73,750.07; if the trend continues, the prices may go even higher. More importantly, as per Tradingview data, Bitcoin dominance has surged to 55.87%, the highest exerted dominance in three years, becoming the first sign of an early bull run. It is because the history data reveals that the crypto bull run begins the time when Bitcoin dominance surged by over 56% dominance
Bitcoin MVRV Z score
As per the LookIntoBitcoin charts, the Bitcoin MVRV Z score reveals the peaked moment of the cycle by comparing the current Bitcoin capitalization to its historical average value. The peak score of this comparison comes around 6, and Bitcoin data is currently halfway to that. Bitcoin MVRV Z score hasn’t been close to 6 after the 2021 bull run.
Bitcoin HODL Waves
The Bitcoin HODL waves data is bullish for Bitcoin after comparing the new BTC holders to the old BTC holders. As the number of new BTC holders declined, there’s a possibility of witnessing more gains as the selling pressure goes down. This is because the new holders are more prone to selling once the conditions turn unfavorable or they see temporary gains.
RHODL Ratio
RHODL ratio is the comparison of the recently bought BTC and the BTC purchased a year or two ago. As per the current data, the BTC buyers are paying more for their BTC than they did two years ago. So, it is an indication of the market reaching the top mark.
Puell Multiple Level
Puelle multiple indicates the difference between short-term BTC miner revenue and longer-term revenue trends. Usually, a peak forms when the level is at 3, and the highest level this year was 2.5 during March. At the time of writing, it is below 1, after dropping in the presence of Bitcoin halving. The value is rising these days and will contribute to the bull run.
A crypto analyst ELI5 of TLDR says that with high Puell miners make good money, aligning with cycle tops. He says that “the previous cycles had two spikes. Now, we completed the first one. One more to come before the top, it seems.”
Final Thought
The bull run for crypto brings the biggest gains to the market, but it is not a day event as it requires a big market push. As the crypto market struggled for weeks, investors are eyeing the crypto bull run rally to cover the losses. But, the bull run is anticipated by the year’s end, stretching till mid-2025. However, a few on-chain indicators and crypto analysts, ELI5 of TLDR, have indicated the possibility of an earlier bullish situation as the market is ready.
The post 5 Signs Bull Run Is Around The Corner appeared first on CoinGape.
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