Bull Market

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/signs-of-bull-market-emergence-in-bitcoin-analytics/" data-wpel-link="internal">Signs of Bull Market Emergence in Bitcoin Analytics</a><br></p>
<p style="text-align: justify">Popular <strong>cryptocurrency</strong> analytics firm Glassnode has pointed out that an on-chain metric for <a href="https://en.coin-turk.com/bitcoin-loses-value-after-reaching-28000-whales-draw-attention/" data-wpel-link="internal">Bitcoin</a> (BTC), historically indicative of the early stages of a bull market, has appeared on the radar. According to Glassnode, the long-term holder MVRV (LTH-MVRV), which tracks the behavior of long-term BTC investors, has entered a high-risk zone.</p> 
<h2 id="critical-data-in-bitcoin">Critical Data in Bitcoin</h2> 
<p style="text-align: justify">The crypto analytics firm shares a chart showing that while the LTH-MVRV signal is above the high-risk area, <strong>Bitcoin</strong> tends to witness significant market expansion. The analytics company stated the following:</p> 
<blockquote> 
 <p style="text-align: justify">After the challenging recovery since the <strong>FTX</strong> collapse, this indicator rose to 2.06 and entered the high-risk regime. These levels are typically seen in the early stages of bull markets, as long-term investors return to a relatively significant level of profitability.</p> 
</blockquote> 
<p style="text-align: justify"><strong>Glassnode</strong> is also looking at the Profit Supply Percentage (PSIP) metric, which measures the ratio of cryptocurrencies with a cost basis lower than the current spot price. According to the firm, the measurement indicates that BTC may be just a few thousand dollars away from entering the exuberant phase of a bull market. The firm commented on the matter:</p> 
<blockquote> 
 <p style="text-align: justify">When this indicator trades above the upper band, it historically aligns with the market entering the ‘Enthusiasm Phase’ of a bull market. During the last market rally surrounding the launch of a spot ETF (exchange-traded fund), this measure reached very high risk and was followed by a contraction down to $38,000.</p> 
</blockquote> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-314067 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/glassnode-1-scaled.jpg" alt="" width="2560" height="1474"></p> 
<h2 id="report-from-glassnode">Report from Glassnode</h2> 
<p style="text-align: justify">In conclusion, according to Glassnode’s report, an on-chain metric indicating the early stages of a bull market for Bitcoin has been observed, and at the same time, the LTH-MVRV indicator tracking the behavior of Bitcoin’s long-term investors has entered a high-risk zone. This presents a picture that points to a market expansion for <strong>Bitcoin</strong>, while the Profit Supply Percentage (PSIP) metric also suggests the likelihood of Bitcoin entering the exuberant phase of a bull market.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/signs-of-bull-market-emergence-in-bitcoin-analytics/" data-wpel-link="internal">Signs of Bull Market Emergence in Bitcoin Analytics</a></h5>

Signs of Bull Market Emergence in Bitcoin Analytics

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