**Market Analysis: Long-Term Holder Mourad Ratio and Bitcoin's Market Cycle**

**Key Insights:**

**I - Long-Term Holder Mourad Ratio Stability:**

Historically, the stability of the Long-Term Holder (LTH) Mourad Ratio signals that the market is not yet poised for a bull run. A bull market typically commences only when the ratio starts to deviate negatively from these stable levels. The current consistency in this ratio indicates that we have not yet entered a bull phase.

**II - Understanding the Mourad Ratio:**

The Mourad Ratio is calculated as the Long-Term Holder Mourad Current Transaction Value (LTH MCTV) divided by the current Bitcoin price. The LTH MCTV offers insights into the average value of UTXOs aged more than six months, helping to gauge recent accumulation trends and market sentiment among longer-term holders.

This analysis provides a crucial understanding of where Bitcoin stands in its market cycle and offers valuable signals for future movements. It suggests that while investor anticipation is high, strategic patience may be warranted until the Mourad Ratio indicates more favorable conditions for a bull market onset.