Why The Bitcoin Bull Run Hasn’t Started, According To Analyst
One of the key indicators highlighted in the analysis is the stability of the Long-Term Holder Mourad Ratio. Historically, when this ratio remains stable, it suggests that the market is not yet ready for a significant upward movement.
Onchained explained that a bull market typically begins only when the ratio starts to deviate negatively from these stable levels. Currently, data shows that the LTH Mourad Ratio is steady, signaling that Bitcoin’s bull run is yet to begin.
This stableness in the ratio as revealed by the analyst, indicates that long-term holders are not yet driving substantial price movement in the market, and investors may need to exercise patience until more favourable conditions arise.
For further context, the Mourad Ratio is calculated by dividing the Long-Term Holder Mourad Current Transaction Value (LTH MCTV) by the current Bitcoin price.
This calculation provides insight into the average value of UTXOs aged over six months, giving a clearer picture of recent accumulation trends among longer-term BTC holders.
