Cardano (ADA) Eyes 20% Price Surge Funding Rate Suggests Increasing Demand

Cardano is trading at a crucial supply level that could spark a significant rally to new highs. After last weeks interest rate cut, optimism has surged among analysts and investors, with many anticipating strong upward momentum for the altcoin.  This positive sentiment is reflected in spot trading and the futures market, where key data from [...]

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Bitcoin Could Top At $400,000 Based On This Model, Analyst Says

An analyst has explained how the next Bitcoin top could be situated around $400,000, if this model for the asset’s price continues to hold. Bitcoin Long-Term Power Law Could Reveal Possible Location Of Next Top In a new post on X, analyst Ali Martinez has talked about what the Long-Term Power Law could say about the next potential Bitcoin top. The “Long-Term Power Law” here refers to a BTC price model created by Bitbo. The model involves three lines, the main one being the “power law,” which is derived by taking a linear regression of the historical BTC price. “This power law is just a straight line to represent the correlation between Bitcoins price and time,” notes Bitbo in the model’s description. Related Reading: Bitcoin MVRV Ratio Is At A Critical Retest: Can Bulls Triumph? The other two lines of the model are just replicas of the power law, with the only difference being how they are arranged on the chart. One of these lines is placed under the power law just enough that BTC’s historical price either stays above it or touches it. This level of the model is called the support line. Similarly, the other line sets an upper boundary on the cryptocurrency’s price and is known as the resistance level. Now, here is a chart that shows the trend in the Bitcoin Long-Term Power Law over the history of the asset: As is visible in the graph, Bitcoin’s spot price is currently being traded under the power law. The asset retested the line earlier in the year when it set its new all-time high (ATH) but couldn’t find a break. Despite the recent bearish action, though, BTC still has some distance over the support line of the model. The graph shows that Bitcoin set three of its major tops around the resistance line. However, the 2021 bull run top occurred before the asset could reach the level. Thus, it’s unknown whether or not the current BTC cycle will follow the lead of the earlier three. Related Reading: Is Altcoin Season Coming? These Two Signals Could Suggest So “If the Bitcoin Long-Term Power Law holds, the next market top might hit around $400,000!” notes Martinez, based on the fact that the resistance level would assume a value around that mark next year. As for when exactly BTC could hit its next cyclical top, the analyst has also discussed it in another X post, sharing the chart below for the asset’s performance during the last couple of cycles. “If this Bitcoin cycle follows the last two, we could see a market top in about a year, around October 2025!” says Martinez. BTC Price Bitcoin has been moving sideways over the last few days as its price still floats around the $63,200 mark. Featured image from Dall-E, Glassnode.com, chart from TradingView.com

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Bitcoin Indicator Signals Shift To Bullish Territory Can BTC Break Past $65,000?

Bitcoin has experienced a significant price surge since Tuesday, following the Federal Reserve’s announcement of a 50 bps interest rate cut. This move pushed BTC past the critical $62,000 mark, a psychological level that has become a turning point for investor sentiment. With Bitcoin now testing local supply, market participants are closely watching for further upside potential. Related Reading: Ripple Whales Accumulate Over 380 Million XRP in Just 10 Days: Is A Breakout Near? As the price continues to push higher, analysts are pointing to crucial data indicating a potential shift in Bitcoin’s trend after months of downtrend price action. Glassnode metrics reveal a notable trend change, suggesting BTC may be entering bullish territory once again. This resurgence is drawing increased attention from both retail and institutional investors as they evaluate whether Bitcoins rally has staying power or if the market will face resistance at higher levels. With renewed momentum, the coming days will be critical in determining if Bitcoin can sustain this upward trajectory and fully break out of its previous bearish phase. Bitcoin Signals A Bullish Return  Bitcoin investors have seen sentiment shift dramatically from fearful to hopeful in just a few days. Following the Federal Reserves rate cut announcement on Wednesday, Bitcoin surged over 8%, breaking critical levels and testing local supply. This sudden price action has sparked renewed optimism in the broader crypto market, giving investors hope for a fresh start after months of bearish price movement. Prominent crypto analyst Ali Martinez has shared valuable insights on X, drawing attention to key data from Glassnode that suggests a significant shift in Bitcoins price trend. Specifically, Ali highlights the Market Value to Realized Value (MVRV) ratio, which tracks the difference between BTCs market price and its actual value. The MVRV ratio, which had been in a downtrend since April, is now rising, signaling that Bitcoin may be regaining strength. Ali notes that the MVRV is a critical indicator for assessing momentum, and the current upward trend hints at a potential return to bullish territory. Related Reading: Crypto Analyst Predicts Dogecoin Will Surge 1,000% Past ATH Price Targets Revealed The analyst further explains that if the MVRV can close above its 90-day moving average, it would confirm a stronger bullish outlook for Bitcoin. Given the aggressive price surge and the increasing demand reflected in recent price action, this scenario seems increasingly likely. Investors are now watching closely, as Bitcoins next moves could mark the beginning of a new bull phase. Technical Levels To Watch Bitcoin (BTC) is trading at $63,024 after days of consistent “only up” price action since hitting local lows. The price recently broke above the daily 200 exponential moving average (EMA) at $59,350 and is now testing the critical daily 200 moving average (MA) at $63,954.  This daily 200 MA is a key long-term indicator, signaling overall market strength. If Bitcoin can reclaim this level as support, it would likely trigger a significant price surge, bolstering the bullish outlook. Related Reading: XRP The Safest Investment To Make 100% ROI Former Asset Manager Shares Price Targets For bulls to maintain momentum, the next target would be around this critical level, with a potential push toward $65,000, a price last tested in late August. However, should BTC fail to hold above $60,000 in the coming days, investors may see a retracement to lower demand levels. The ability to stay above key support zones will determine the next phase of price action. Featured image from Dall-E, chart from TradingView

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The Sandbox (SAND) Targets 8,600% Growth as Crypto Market Shifts In 2024

Alan Santana has recently expressed a bullish sentiment regarding The Sandbox (SAND), suggesting that it could be currently in the middle of a crucial accumulation period with tremendous upside. In his consideration, the prices at the current market are at the lowest, and those who invest now are likely to gain a lot in the […]

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Bitcoin price eyes last dip before October breakout: Analysts

Bitcoin analysts are eying an October breakout, despite the current market slump, partly caused by continuous negative outflows from the US Bitcoin ETFs.

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5 Bearish and 4 Bullish Factors for Bitcoin (BTC) in September

Bitcoin has mostly kept its footing around $60,000 since March, although bulls have failed to capture new ground. What does September hold for BTC?

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This Is How Bitcoin (BTC) Could Resume its Bull Run and Chart New ATH

Regulatory develoments, market sentiment, and increased adoption are among the listed factors.

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Bitcoin Breaks $64,000, But This Pattern Could Mean Bull Run Isnt Safe

On-chain data shows the Bitcoin Supply in Profit indicator has been forming a pattern recently that could put the bull run into jeopardy. Bitcoin Supply In Profit Has Seen Multiple Dips Into “Transition” Zone Recently As an analyst in a CryptoQuant Quicktake post explained, the recent “Supply in Profit” trend could suggest a potential entry into [...]

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Bitcoin parabolic rally may start in Q4, according to historical price data

Q4 could be a blockbuster moment for Bitcoins price as a multi-year historical price trend holds up.

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Brace For Impact: Ethereum Price Could Plunge To $1,200 In December, Says Expert

Ethereum (ETH) price has struggled amid another market shakeout. The second-largest cryptocurrency by market capitalization fell below the $2,600 support zone for the third time in the past week, prompting crypto analysts to evaluate the next levels to watch out. Related Reading: Is Ethereum Poised for Inflation? Supply Reaches New High as Staking Takes Off ETHs Key Support Zone To Watch Out The crypto market has seen several retraces throughout the cycle, with cryptocurrencies like Ethereum significantly decreasing from its Q3 opening. Since July 1, the king of altcoins has seen a 24% drop from the $3,400 support level. Following its fall below the $2,100 mark during the Black Monday crash, ETH has hovered between the $2,300 and $2,700 range. The cryptocurrency has recovered around 18% of its price while tries to reclaim the $2,600 level. Nonetheless, the recent market shakeouts have made the price retest the strength of the $2,500 support zone three times in the last two weeks, which turned experts wary of ETHs next step. Renowned crypto analyst Ali Martinez stated that investors should pay attention to a key support zone after Ethereums performance. To Martinez, the $2,300 and $2,380 price range should be watched if ETH continues its downward trend. According to the In/Out of the Money Around Price (IOMAP) chat shared by Martinez, 1.62 million addresses bought over 50 million ETH at this zone, making it the next wall of support for Ethereums price. If the cryptocurrency fails to hold this level, its price could drop to $2,200 and even levels not seen since February. Will Ethereum Drop To $1,200 This Year? Other experts have suggested that the second-largest cryptocurrency could see its price drop even lower, as even giants will fall. Top analyst Benjamin Cowen stated that the collapse of ETH/BTC is almost completed. A year ago, Cowen forecasted that the collapse of the trading pair would mark the end of the altcoin reckoning. He explained that altcoin reckoning refers to the devaluation of the altcoins on their BTC pairs. The analyst added that ETC/BTC was the last one to rise in the bull and it can be the last to fall in the bear. To him, this trading pair has four more months before it goes up next year. Additionally, Cowen predicted that Ethereums price could hit the $1,200 price range in December if its performance is similar to the last two cycles. Crypto investor Ted Pillows urged investors to hold on throughout the troubled waters, suggesting that a $10,000 is still possible. To the trader, the King of altcoins is not dead based on different factors. Ted highlighted that spot Ethereum exchange-traded funds (ETFs) inflows have increased while Grayscale outflows have progressively gotten smaller, and Jump Trading has only around $60 million in ETH to sell. Related Reading: Will Bitcoin (BTC) Trade Back Above $70,000 By September? Analysts Weigh In Moreover, ETH is strongly holding its support level, which he deemed the most important factor. Ultimately, the investor Predicts that the consolidation breakout will occur between November and December, while the parabolic run will start in Q1 2025. Featured Image from Unsplash.com, Chart from TradingView.com

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Bitcoin And Altcoin Bull Run Will Return, Arthur Hayes Reveals Timeline

In a new essay, Arthur Hayes, the co-founder of crypto exchange BitMEX, has outlined a bullish future for Bitcoin and altcoins. His analysis, focused on the interplay between government liquidity operations and asset prices, suggests a looming bull market in the crypto space, driven by strategic fiscal maneuvers by the US Treasury. When Will The Bitcoin Bull Run Return? Hayes compares the quality of water in brewing coffee to the liquidity in financial markets, illustrating that just as the quality of water is crucial for making a good cup of coffee, liquidity is essential for the health and movement of financial markets. Hayes pointed out that many investors underestimate the impact of liquidity and often focus narrowly on more visible factors like technological advancements or regulatory changes. Hayes explains the concept of “fiscal dominance,” a situation where the government’s need to finance itself supersedes all other economic considerations, including the control of inflation. He specifically critiques the current policies under US Treasury Secretary Janet Yellen, whose tactics, according to Hayes, focus on generating nominal economic growth regardless of the inflationary outcomes. Related Reading: BTCs Next Objective? Analyst Eyes Crucial $70,000 Resistance Zone For Bitcoin “During a period of fiscal dominance, the necessity to fund the state overrides any concerns the central bank may have about inflation,” Hayes explains. He details how this shift impacts liquidity, stating, “That means bank credit and, by extension, nominal GDP growth must be sustained at high levels even if it results in persistently higher than target inflation.” Drawing a direct connection between Treasury actions and crypto market movements, Hayes highlighted the correlation between the issuance of Treasury bills (T-bills) and Bitcoin price movements. He noted that when the Treasury increases T-bill issuance, it effectively shifts liquidity from instruments like the Reverse Repo Program (RRP) into more active uses, which historically corresponds with increases in Bitcoin prices. As the RRP (white) fell from its high, Bitcoin (gold) pumped off the lows. As you can see, its a very tight relationship. As money leaves the Feds balance sheet, it adds liquidity, which causes […] Therefore, taking Bad Gurl Yellens word, we know that $301bn of T-bills will be net issued between now and year-end. If this relationship holds true, Bitcoin will quickly retrace the dump caused by the yen strengthening. The next stop for Bitcoin is $100,000″ Hayes speculates. When Altcoin Season? Therefore, Hayes advises crypto traders to pay close attention to fiscal and monetary policies, especially the actions of the US Treasury, as these are often precursors to significant market movements. Monitoring T-bill issuance and Treasury maneuvers can provide crypto investors with clues about upcoming shifts in market liquidity and potential price movements, according to Hayes. Related Reading: Bitcoin Investors Again Show Extreme Fear As BTC Slips To $59,000 Shifting focus to the broader crypto market, Hayes also discusses the potential for an ‘alt szn’ or altcoin season, which he predicts will follow a rally in Bitcoin and Ethereum prices. “Shitcoins are higher beta Bitcoin crypto plays. But during this cycle, Bitcoin and now Ether have structural bids in the form of net inflows into US-listed exchange-traded funds (ETF). While Bitcoin and Ether have corrected since April, they escaped the carnage experienced in the shitcoin markets. Commenting on the potential of a full blown altcoin season like in previous cycles, Hayes assures that the time will come. However, altcoin season will only return after Bitcoin and Ether decidedly break through $70,000 and $4,000, respectively. He adds, the combination of a dollar liquidity-inspired Bitcoin and Ether rally into year-end will create a strong foundation for the return of a sexy shitcoin soiree. Interestingly, Hayes plans to capitalize on the US elections. He expects that the crypto bull run will exit its sideways-to-downward trajectory in September. The US election occurs in early November. Yellen will be at peak manipulation in October. There will be no better time for liquidity this year. Therefore, I shall sell into strength. I will not liquidate my entire crypto portfolio but take profits in my more speculative momentum trades, he revealed. Hayes further anticipates a more substantial market adjustment post US election and the US debt ceiling resolutions, “Once the US debt ceiling charade is over, liquidity will gush from the Treasury and possibly the Fed to get markets back on track. Then, the bull market will begin for realz. $1 million Bitcoin is still my base case.” At press time, BTC traded at $58,783. Featured image from YouTube, chart from TradingView.com

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Nansen Says Bitcoin Investors Should Become Risk-On, Heres Why

Nansens analysts insist that investors should take more risks and not resist current all-green signals and narratives.

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Bitcoin Bull Run Tied To Economic Echoes Of The 1930s-1970: Arthur Hayes

Arthur Hayes, the co-founder of crypto exchange BitMEX, has recently offered a comprehensive analysis in his latest essay, “Zoom Out,” drawing compelling parallels between the economic upheavals of the 1930s-1970s and today’s financial landscape, specifically focusing on the implications for the Bitcoin and crypto bull run. His in-depth examination suggests that historical economic patterns, when properly understood, can provide a blueprint for understanding the potential revival of the Bitcoin and crypto bull run. Understanding Financial Cycles Hayes begins his analysis by exploring the major economic cycles starting from the Great Depression, through the mid-20th century economic booms, and into the stagnant 1970s. He categorizes these transformations into what he terms “Local” and “Global” cycles, central to understanding the broader macroeconomic forces at play. Local Cycles are characterized by intense national focus where economic protectionism and financial repression are prevalent. These cycles often arise from governmental responses to severe economic crises that prioritize national recovery over global cooperation, typically leading to inflationary outcomes due to the devaluation of fiat currencies and increased government spending. Related Reading: Bitcoin Price Blasts Past $63,000: Top 3 Reasons Global Cycles, in contrast, are marked by periods of economic liberalization, where global trade and investment are encouraged, often leading to deflationary pressures due to increased competition and efficiency in global markets. Hayes carefully examines each cycle’s impact on asset classes, noting that during Local cycles, non-fiat assets like gold have historically performed well due to their nature as hedges against inflation and currency devaluation. Hayes draws a direct parallel between the creation of Bitcoin in 2009 and the economic environment of the 1930s. Just as the economic crises of the early 20th century led to transformative monetary policies, the financial crash of 2008 and subsequent quantitative easing set the stage for the introduction of Bitcoin. Why The Bitcoin Bull Run Will Resume Hayes argues that Bitcoin’s emergence during what he identifies as a renewed Local cycle, characterized by the global recession and significant central bank interventions, mirrors past periods where traditional financial systems were under stress, and alternative assets like gold rose to prominence. Expanding on the analogy between gold in the 1930s and Bitcoin today, Hayes elucidates how gold served as a safe haven during times of economic uncertainty and rampant inflation. He posits that Bitcoin, with its decentralized and state-independent nature, is well-suited to serve a similar purpose in today’s volatile economic climate. Related Reading: Mt. Goxs Bitcoin Dump: How Will The $9 Billion Sell-Off Affect BTCs Price? “Bitcoin operates outside the traditional state systems, and its value proposition becomes particularly evident in times of inflation and financial repression,” Hayes notes. This feature of Bitcoin, he argues, makes it an indispensable asset for those seeking to preserve wealth amidst currency devaluation and fiscal instability. Hayes points out the significant surge in the US budget deficit, projected to reach $1.915 trillion in fiscal 2024, as a modern indicator that parallels the fiscal expansions of past Local cycles. This deficit, significantly higher than in previous years, marking the highest level outside the COVID-19 era, is attributed to increased government spending akin to historical periods of government-induced economic stimuli. Hayes uses these fiscal indicators to suggest that just as past Local cycles led to increased valuation for non-state assets, the current fiscal and monetary policies are likely to enhance the appeal and value of Bitcoin. “Why am I confident that Bitcoin will regain its mojo? Why am I confident that we are in the midst of a new mega-local, nation-state first, inflationary cycle?” Hayes asks rhetorically in his essay. He believes that the same dynamics that drove the value of assets like gold during past economic upheavals are now aligning to bolster the value of Bitcoin. He concludes, I believe fiscal and monetary conditions are loose and will continue to be loose, and therefore, hodling crypto is the best way to preserve wealth. I am confident that today will rhyme with the 1930s to 1970s, and that means, given I can still freely move from fiat to crypto, I should do so because debasement through the expansion and centralisation of credit allocation through the banking system is coming. At press time, BTC traded at $62,649. Featured image from YouTube / What Bitcoin Did, chart from TradingView.com

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Analysts forecast $200K+ Bitcoin price after BTCs bullish momentum returns

Bitcoins decisive move above $65,000 and miners' return to deep profitability could lead to BTC hitting $220,000.

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Bitcoin traders forecast splendid bullish price action now that BTC is above $65K

Multiple Bitcoin price metrics point to an incredibly bullish post-halving growth trajectory.

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JPMorgan Says Crypto Liquidations Will End And Bitcoin Bull Market Will Begin, Heres When

American multinational finance company, JP Morgan has maintained a bullish stance on the Bitcoin price outlook despite recent bearish trends. The bank has announced the timeline for the conclusion of the ongoing BTC liquidations, predicting a subsequent rebound in the market.  JP Morgan Predicts Bitcoin Market Rebound In August In a research report on Wednesday, JP Morgan suggested that BTC liquidations should abate this July, foreseeing the start of a strong bull market as bearish trends caused by sell-offs subside. While the bank believes that a market recovery is imminent, it is also skeptical about the sustainability of high Bitcoin inflows in its year-to-date flow into crypto assets. Related Reading: Dogecoin Sees 868% Spike In Whale Buys, Bulls Ready For Breakout Rally For one, JP Morgan has revised and grossly reduced its former year-to-date crypto net flow from $12 billion to $8 billion. So far this year, Spot Bitcoin ETFs have been the major driver for substantial inflows into the crypto market.  JP Morgans skepticism also stems from Bitcoins high price relative to its production cost and the price of gold. A crypto analyst from the bank, Nikolaos Panigirtzoglou has suggested that the banks reduction in the estimated year-to-date net flow was also due to the recent decline in Bitcoin reserves across exchanges.  The decline in Bitcoin reserves over the past month is believed to be a result of the ongoing selling pressures and widespread BTC liquidations executed by Mt Gox creditors and the German government. As mentioned earlier, JP Morgan has predicted that this BTC sell-off will officially end in July, giving rise to a substantial bullish rally for Bitcoin in August. Following the banks predictions, many crypto analysts and community members have suggested that the recent upsurge in Bitcoins price is the continuation of a strong bull market.  A crypto analyst identified as CryptoYoddha on X (formerly Twitter) has revealed that the German government was preparing to sell their remaining BTC just before the bull run. Despite the aggressive selling by the German government and the subsequent market turmoil, the analyst noted that Bitcoin still appears bullish.  About The Ongoing BTC Liquidations Earlier in June, Mt Gox announced that it would be making repayments to creditors in July. While the defunct Bitcoin exchanges decision to start its repayment process comes as good news to creditors, there is also an underlying unease concerning potential Bitcoin sell-offs. Related Reading: Ethereum Bulls Gear Up For Recovery Can Spot ETFs Push Price To New Highs? With creditors steadily receiving part of Mt Goxs 142,000 BTC payment worth about $9 billion, the market fears are somewhat justified as a widespread Bitcoin dump would have a major impact on the price of the cryptocurrency. In addition to Mt Goxs substantial Bitcoin redistribution plans, the German government has also been seen selling almost 100% of its Bitcoin holdings seized from criminals.  These substantial crypto liquidations have put a major damper on the price of Bitcoin, triggering serious price declines that have significantly delayed the highly anticipated Bitcoin bull run. A crypto analyst identified as Rekt Capital has indicated that the Bitcoin bull market based on standard halving cycles has already advanced by 40.1%.  Featured image created with Dall.E, chart from Tradingview.com

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Crypto Enthusiasts Still Believe in Bull Run, Survey Shows

A survey by CoinGecko reveals that the majority of crypto participants believe the bull run is not over, with significant optimism among investors. (Read More)

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Crypto Analyst Gives Reasons Why A Face-Melting Bull Run Is On The Horizon

Crypto analyst Lark Davis recently predicted that this bull run could be more massive than most people imagine. He outlined why this market cycle could stand out from previous ones.  Why This Bull Run Will Be Face Melting Davis mentioned in an X (formerly Twitter) post that crypto market participants are about to witness a face-melting bull run. He alluded to the influence of institutional investors as the reason why this bull run will stand out. For one, he noted how the US Spot Bitcoin ETFs already record hundreds of millions of daily inflows.  Related Reading: Inverted Hammer Appears On The XRP Price Chart, Crypto Analyst Picks First Target Of $0.75 Thanks to the impressive demand for these funds, Davis highlighted that fund issuers have purchased 56,150 BTC in the past 18 days of trading. He claims this amount of Bitcoin represents four months’ supply injected into the ecosystem by Bitcoin miners. These fund issuers arent only the institutions buying up the flagship crypto. Davis also noted that companies like MicroStrategy, Block, and Semler Scientific have continued to accumulate Bitcoin. The analyst also claimed that wealth managers and pension funds worldwide are lining up to invest in Bitcoin.  Meanwhile, Davis also made reference to the Spot Ethereum ETFs and the massive impact they could have in this market cycle.  These Spot Ethereum ETFs are expected to see massive inflows once they begin trading. JPMorgan predicts these funds could witness $1 billion to $3 billion in inflows, and crypto research firm K33 Research predicts these funds could witness up to $4 billion in inflows in the first five months of trading.  Crypto analysts like Michael Van de Poppe have also expressed their bullishness on these Spot Ethereum ETFs, predicting that these funds could be the catalyst for a continuation of the bull run. Specifically, they predict that these Spot Ethereum ETFs could kickstart the altcoin season, with Ethereum and other altcoins experiencing major moves.  Other Factors That Could Postively Impact This Run Following Davis post, crypto analyst Patric outlined other factors that could positively impact this bull run. First, the analyst mentioned interest rate cuts and noted that Canada and Europes Central Bank have already cut interest rates. He believes that the US will likely follow suit soon enough.  Related Reading: Bitcoin On The Verge As Global Liquidity Nears New $100 Million ATH Secondly, Patric noted that the Feds treasury buyback program has started. This development, alongside the interest rate cuts, is expected to lead to quantitative easing (QE), which could boost investors’ confidence in investing in risk assets like Bitcoin and other cryptocurrencies. Lastly, the analyst noted that this is an election year, with the US Presidential election slated for November.  Republican Presidential candidate Donald Trump also provided a much-needed boost to the market by affirming his pro-crypto stance. Based on this, Standard Chartered Bank predicts that Bitcoin could rise to $150,000 this year if Trump wins.   Featured image created with Dall.E, chart from Tradingview.com

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Crypto Market Still in Bull Cycle But There Are Worrying Signs: CryptoQuant

The lack of bullish momentum in the crypto market is evident in weak bitcoin whale demand growth and low stablecoin liquidity.

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Bitcoin In Euphoria Wave How Long Until The Bull Run Ends?

The price of Bitcoin appears to have returned to a choppy market condition, quashing any hopes of a breakout to new highs soon. However, the good news is that the current bull cycle may still not be over, even though it is taking a while for the premier cryptocurrency to resume its upward momentum. Specifically, the latest on-chain observation shows that Bitcoin has been going through a euphoria wave over the past few months. Here’s the implication of this phase on the current bull run. How Old Is The Current Bitcoin ‘Euphoria Wave’? Blockchain intelligence firm Glassnode revealed via a post on the X platform that Bitcoin has entered the euphoria phase of the market cycle. This on-chain observation is based on the Percent Supply in Profit metric, which measures the percentage of the total circulating Bitcoin supply that is currently in profit. Related Reading: Can BONK Break The Mold? Analyst Predicts Stellar Rise For The Solana Memecoin According to Glassnode, the Euphoria Wave is identified as a period during which the supply in profit usually fluctuates around the 90% level. This phase typically lasts between 6 to 12 months and is characterized by increased investor sentiment and heightened market speculation. Glassnodes data shows that 93.4% of the circulating Bitcoin supply is currently in the green and that the Euphoria Wave is relatively young. The on-chain analytics platform noted that the euphoria phase has only been active for about two and a half months. As with every phase in the market cycle, the Euphoria Wave will eventually come to an end at some point. Historically, the euphoria phase can signal tops and is usually followed by a cooling-off period, which is marked by a downturn in the price of Bitcoin.  If the last cycle – with a 6-month Euphoria Wave – is anything to go by, then there might still be about three to four months in the current bull run. Ultimately, the current profitability of the premier cryptocurrency may prove pivotal in the duration of its bull cycle and overall future trajectory. Rise Of BTC Accumulation Addresses Continued In May: Analyst One of the tell-tale signs of the bullish sentiment around Bitcoin is the continuous rise in accumulation addresses. According to an on-chain analyst on CryptoQuants platform, there has been a notable increase in the number of new BTC accumulation addresses. The analyst pointed out the continuity of this positive trend despite BTCs relatively slow price action in May. Meanwhile, the large Bitcoin holders have also continued to load their bags, with significant purchases recorded over the past month. Related Reading: Dogecoin Whales Buy $112 Million Worth Of DOGE As Crypto Investors Turn Their Attention To Meme Coins As of this writing, Bitcoin is valued at $67,744, reflecting a mere 0.4% increase in the last 24 hours. According to data from CoinGecko, the pioneer cryptocurrency is up by about 15% in the past month. Featured image from iStock, chart from TradingView

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