TOP 5 indicators show that the Bull Market is just starting! We still have time to 10x in the coming months.
1/ Bitcoin Dominance (BTC.D): The BTC.D index remains high above 56%, showing that Altcoin Season has not yet begun. History shows that Bull runs usually start with high BTC.D, then BTC.D will gradually decline to make room for Altcoin growth.
2/ Bitcoin MVRV Z: This index compares the current value of Bitcoin with its historical average value. An MVRV Z index below 6 is considered a positive signal. Currently BTC's MVRV Z is at 2.2 - showing that BTC still has the potential to increase in price.
3/ Puell multiple: This is another indicator that shows that Bitcoin price has not yet peaked. This indicator is calculated by dividing the value of Bitcoin mined daily by the annual moving average (EMA) of that value.
4/ Hodl waves: The hodl waves chart shows that long-term Bitcoin holders have not yet sold, which is a positive sign. Hold waves classify the amount of BTC held into different groups based on holding period (1 - 2 years, 2 - 3 years,...)
5/ Bitcoin mining revenue per Hash: Bitcoin miners' revenue has been decreasing since April, due to the effects of the Bitcoin Halving event. These spikes to $0.30 per terahash coincided with BTC's peaks in previous cycles.
The five on-chain indicators mentioned above suggest that the Bitcoin bull market may still be in its early stages. Bitcoin supply on exchanges dropped to its lowest level since 2017, showing that demand to hold BTC is still growing.
