This Crypto Bull Market Is Far From Over ๐ช
In todayโs video, I analyze Bitcoinโs current market conditions using a variety of key metrics to determine whether weโre nearing the topโor just getting started. Despite Bitcoinโs struggle to break past $100,000, the data shows weโre still in the early stages of this bull run. From on-chain metrics to market sentiment indicators, I provide a detailed look at why this market cycle has much more room to grow.
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We kick off with an exploration of Glassnode metrics, including active addresses and their correlation with previous bull runs in 2017 and 2020. While Bitcoin has seen a recent uptick in active addresses, weโre still far from the levels that typically signal a market top. The 30 SMA smooths out noise and reveals that Bitcoinโs activity is climbing steadily, indicating strong network health.
Next, I dive into the aSOPR (Adjusted Spent Output Profit Ratio) and MVRV-Z Score, two critical indicators for tracking profit-taking behavior and potential market tops. While previous cycles saw spikes in these metrics during euphoria phases, the current levels remain far below those highs. This further supports the thesis that weโre in the early stages of the bull market, with plenty of upside ahead.
I also analyze the Puell Multiple and Net Unrealized Profit and Loss (NUPL), which highlight how much unrealized profit remains in the market. These metrics suggest that Bitcoin has not yet entered the overheated zones seen during the final phases of past bull runs. Additionally, the Fear and Greed Index is nowhere near its maximum levels, indicating that sentiment is still far from euphoric.
Finally, I discuss net transfer volumes on exchanges, showing significant BTC withdrawals as institutions and whales accumulate, rather than deposit for profit-taking. This pattern aligns with the start of previous bull runs, further reinforcing the idea that Bitcoinโs rally has only begun. For those worried about feeling โtoppy,โ the data says otherwiseโitโs time to stay bullish and focus on the metrics that matter.
If youโre looking for actionable insights into the current market and want to stay ahead in this bull cycle, this video is packed with the tools and information you need. Donโt forget to leave your thoughts in the commentsโare we early, or are you seeing signs of a top?
๐ Chapters ๐
00:00 YES! We are still EARLY!
01:57 Number of Active Addresses still early
04:59 aSOPR still early
07:16 MVRV Z-Score still early
10:54 Realized HODL Ratio a little toppy
13:45 Net Transfer Volume still early
16:56 Puell Multiple still early
18:41 NUPL still early
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๐ Disclaimer: The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
