Key metrics such as a surging Bitcoin open interest and low Google search interest signal that Bitcoin could rally substantially, as the cycle is still early.

Bitcoin is approaching its all-time high of around $74,000 after the recent spike over the last seven days. For context, the asset has rallied over 10% in the past week, reaching a three-month price high above $68,000 on Wednesday.

With analysts expecting the asset would reach its ATH before the November US election, the appreciation seems miniature compared to the potential rally Bitcoin could pull off eventually. Notably, two metrics show that the Bitcoin bull cycle is still nascent.

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