Bitcoin [BTC] may be gearing up for another surge despite a recent pullback from its 2023 high of $44,000, pseudonymous CryptoQuant analyst Tarekonchain noted in a new report.
These indicators hint at another bullish rally
Tarekonchain assessed three key on-chain indicators and found that their values have gradually increased recently.
Based on these readings, the analyst concluded that
“the bear market for Bitcoin may be subsiding, making way for the early stages of a bull cycle.”
The first metric the analyst considered was BTC’s Net Unrealized Profit/Loss (NUPL). The NUPL metric determines whether BTC holders are currently experiencing unrealized gains or losses. 
It compares the average purchase price of all BTCs investors hold to the current market price. When it rises above zero and remains in an uptrend, it means that BTC holders are in profit. 
According to Tarekonchain a rising NUPL indicates an increasingly profitable market, often correlating with a bullish sentiment.
At 0.48, and in an uptrend, the analyst opined:
“The current trajectory of NUPL suggests an uplift in market optimism, which is a typical precursor to a bull market.”

What the MVRV ratio says
Another metric assessed by the CryptoQuant analyst was BTC’s  Market Value to Realized Value (MVRV) ratio.
An asset’s MVRV ratio tracks the ratio between the asset’s current market price and the average price of every coin or token of that asset acquired.
A positive MVRV ratio above one signals an asset is overvalued, while a negative MVRV value shows that the asset is undervalued. Assessed on a 30-day small moving average, BTC’s MVRV has risen by 11% in the last 30 days. 
According to Tarekonchain:
“The recent upward movement in the MVRV ratio from these lower levels may signal that the market is transitioning from undervaluation to a phase where growth is anticipated, hinting at the start of a bull cycle.”

Lastly, the analyst considered BTC’s Puell Multiple. This indicator provides insights into the profitability of mining operations on the BTC network.
When the value of the metric rises, mining revenue is relatively high compared to the long-term average. On the other hand, a low Puell Multiple indicates that mining revenue is relatively low compared to the historical average.
Taking a cue from BTC’s historical performance, Tarekonchain noted that a low Puell Multiple often marks market bottoms, and many view it as an opportunity to accumulate the leading coin.
With this indicator in an uptrend in recent times, the analyst concluded:

“A gradual increase in this multiple from its lower levels can be interpreted as a reduction in selling pressure and increased profitability for miners, aligning with the potential onset of a bull cycle.”

⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#BTCUpdate #bitcoinbullrun $BTC

The crypto market is buzzing with excitement as Bitcoin (BTC) might be on the brink of one of its most significant bull runs in years! Renowned analyst Michaël van de Poppe suggests that recent dips are just temporary corrections and hints at a potential two-year bull cycle.

The Calm Before the Storm:

Van de Poppe is eyeing the $53,000 mark as a key level for BTC. Currently around $54,800, he anticipates a possible dip to $53,000 or a brief spike to $55,500 before the real momentum kicks in.

Comparing 2024 to 2019:

Drawing parallels to 2019, which saw a similar pre-bull run pattern, Van de Poppe expects Bitcoin might briefly dip to $45,000–$50,000 before embarking on a prolonged bull cycle.

What’s Fueling This Bull Run?

1. Institutional Interest: Major institutions are increasing their Bitcoin holdings, driving unprecedented demand.
2. Supply Shock: With a significant amount of BTC being held off exchanges, we could see a supply squeeze pushing prices higher.

Market Sentiment:

Analysts are in agreement—this setup is reminiscent of classic bull market conditions, driven by strong fundamentals and technical triggers.

How High Could BTC Go?

If predictions hold, Bitcoin might soar past current expectations. Some analysts are targeting new all-time highs or even a $100,000+ price point during this bull cycle.

Prepare for the Next Wave:

Whether you’re a seasoned investor or a new trader, this could be a pivotal moment for Bitcoin. Keep an eye on the critical $53,000 level, and be ready to capitalize on the upcoming surge.

Stay Alert and Ready for Liftoff!

Bitcoin is setting up for a potentially explosive run. Stay tuned to the charts, monitor key levels, and prepare for what could be one of the most exciting periods in crypto history.

#bitcoinbullrun #BTC☀ #CryptoMarketMadness #BitcoinPrediction #CPI_BTC_Watch #BNBChainMemecoins

Immediately after the US Federal Reserve announced its decision to cut its key lending rate by half a percentage point, the Bitcoin market touched a monthly high. Yesterday, BTC closed at around $61,783. Looking at the daily chart of Bitcoin, it is clear that Bitcoin is moving upward strongly. Is Bitcoin at the start of a new bullish trend? 
US Fed Funds Interest Rate Cut: What You Should Know 
It was expected that the Federal Reserve would consider a rate cut. Jerome Powell, the chair of the Federal Reserve Board, even hinted openly about the rate cut plan. There was confusion over one aspect: whether it would be a 25 basis points cut or a 50 basis points cut. 
Finally, when the Federal Reserve chose to go ahead with an aggressive 50 basis points rate cut over a conservative 25 basis points cut, it left many experts astounded. Some even warned of the possibility of fueling inflation. 
As expected, traditional assets felt the heat of the move. Some important US stock indices closed far below their opening. 
However, risky assets, like Bitcoin, responded very optimistically. 
Bitcoin Price Analysis: A General Overview 

In the last 24 hours, the Bitcoin market has experienced an increase of at least 2.9%. At the start of this month, the price was just $58,977.11. It slipped to the monthly low of $53,973 on September 6. Since September 7, the price has been consistently growing. Although it experienced a negative fluctuation between September 14 and 16, buyers took control of the market on September 17. Right now, what we see in a daily chart of Bitcoin is the last three strong bullish candlesticks pushing the price aggressively upward, far beyond the level of $60,000.
US Fed Fund Interest Rate: A Historic Analysis 

The US Fed Funds Interest Rate was around 5.5% in August this year. Between February 28, 2022, and July 26, 2023, it saw rapid growth. At the start of that momentum, the rate was just 0.25%. When the momentum settled, it took the rate to a peak of 5.5%. The rate remained unchanged until the Federal Reserve finally decided to bring down the rate by half a percentage yesterday. Now, the rate stands at 5%. Interestingly, this is the first time since March 2020 that the Federal Reserve has implemented a rate cut. On Jun 19, 2019, the rate was at 2.5%. It was brought down to 1.75% in January 29, 2020, and later was sharply reduced to just 0.25% in March 15, 2020 – probably as a part of an effort to fight the pandemic. 
Anyway, the new move by the Federal Reserve is an opportunity for risky assets to accelerate their performance. Certain assets like Bitcoin have already shown the first signs of growth, which could influence future Bitcoin price predictions.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.

#BTC #bitcoinbullrun