5 one-chain factors indicate that Bitcoin's bull run could have started: analysis

5 one-chain factors indicate that Bitcoin's bull run could have started: analysis

Since the price of Bitcoin has increased by over $ 5,000 since the beginning of the year and has requested $ 20,000, the number of analysts who predict that the asset is over the mountain.

cryptoquant is the latest analysis company that offers an insight into the most important on-chain signals that could indicate the beginning of a bull run.

• Shortly after Santiment had announced that the range of Bitcoin, which was held on centralized stock exchanges, has dropped to a multi -year low, cryptoquant outlined the movements between different types of trading places as the first positive sign for Btc.
• more precisely, the analysts believe that the transfer of assets from Kassa on derivate platforms shows that traders have entered a "risk-on" mode, which indicates "the beginning of a new bull cycle".
• Next follows the MVRV ratio, which shows whether the price of BTC is subordinate or overrated by comparing the actual market capitalization with the market price of the financial value.

"MVRV is above 1 (1.07) and is close to its sliding 365-day average (orange line), which shows that Bitcoin is about to start a new upward trend."

• The not realized net profit/loss (Nupl) is also close to the 365-day-MA, which indicates the same as the MVRL.

Bitcoin-MVRV. Cryptoquant

• Das Puell Multiple - which shows the ratio of the daily dollar value of newly issued BTC to its one -year MA - is the fourth signal. It shows positive signs because the price of the asset has exceeded its 365-day MA for the first time in over two years.
Finally,
• is the P&L index of Cryptoquant, which combines several indicators (the MVRV ratio, Nupl and LTH/SOPP) in one, "close to giving a buy signal for BTC". Although the company said that the index is still showing that Bitcoin is expensive at short notice, it is about to change its tides.
• remember that Glassnode also said that there are first signs of a starting bull market after a bear cycle.

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