It looks like Bitcoin, the world's most popular cryptocurrency, is on the cusp of another bull run. Many indicators in on-chain and technical metrics in the past few weeks hint that a new bull market is underway, and the Realized Price of Long-term Holders is soon to join in on the list.
There are 8 on-chain and technical indicators tracked by Glassnode's Bear Market recovery dashboard that currently signal a bull market is underway and the Reserve Risk indicator has recently recovered from historic lows. Market Value to Realized Value Ratio (MVRV) is another widely followed indicator that sees Bitcoin in a bullish state and has recently sent off a historic bullish signal. CryptoQuant’s Profit and Loss Index has also 'confirmed' that Bitcoin has moved into the beginning stages of a bull market.
Bitcoin’s cycle of 4 years follows a common pattern: each bear market usually lasting one year while each bull market lasting around three years. If the current bear market period which started at November 2021's all-time-highs to the November 2022's low is finished then we are around 6 months into the 3-year-long bull market.
The Bitcoin Stock-to-Flow (S2F) model is also aligned with this idea and it puts the expected price of Bitcoin in the latter part of the post-halving cycle at around $500,000 per coin if the current market condition persists.
To further support the S2F, Blockchaincenter.net's Bitcoin Rainbow Chart put's Bitcoin in the 'Buy!' zone as it is gradually recovering from the 'Fire Sale' zone. Furthermore, the chart shows that if Bitcoin can reach 'Sell. Seriously, Sell!' zone within 1 to 1.5 years after the next halving, then the expected price could reach a range between $200,000 - $300,000.
In conclusion, the current market conditions are quite similar to the 2017-18 bull market when Bitcoin surged and reached an all-time-high of around $20,000. The indicators present today seem to suggest that another strong upsurge of Bitcoin's price is inevitable amidst a newly emerged bull market and prices could reach up to a whopping $500,000!
Nina Thompson
- 2023-05-20
Bitcoin Bull Run Indicators Signal For Price to Reach Up to $500,000
Bitcoin is on the cusp of another bull run according to metrics and indicators of technical and on-chain. Glassnode's Bear Market recovery dashboard, Market Value to Realized Value Ratio (MVRV), CryptoQuant's Profit and Loss Index, Bitcoin Stock-to-Flow (S2F) model, Bitcoin Rainbow Chart and more are all signaling that Bitcoin is entering a bullish state and prices could reach up to $500,000.
