#Write2earn Early Indicators Point to Potential Crypto Bull Run: Key Metrics to Watch #BullRunAhead #BullMarket $BTC

Despite the ups and downs in the crypto market, on-chain analytics are showing early signs of a potential bull run. Let's explore the key metrics behind this positive outlook.

Recently, market sentiment has shifted from neutral to greedy, and we've seen significant price increases in cryptocurrencies, including Bitcoin. Here are five key indicators suggesting an early bull run:

1. Bitcoin Market Dominance
Bitcoin has bounced back and is currently trading at $67,146.49, just 9% below its all-time high of $73,750.07. If this trend continues, prices could rise even further. According to Tradingview data, Bitcoin’s market dominance has surged to 55.87%, the highest in three years. Historical data shows that a bull run often begins when Bitcoin dominance exceeds 56%.

2. Bitcoin MVRV Z Score
The MVRV Z score, as shown in LookIntoBitcoin charts, compares Bitcoin’s current market capitalization to its historical average. The peak score for this metric is around 6, and Bitcoin is currently halfway there. The MVRV Z score hasn't been this high since the 2021 bull run.

3. Bitcoin HODL Waves
The HODL waves data compares new BTC holders to long-term holders. With fewer new BTC holders, there’s reduced selling pressure, which could lead to more gains. New holders are more likely to sell during unfavorable conditions or after short-term gains.

4. RHODL Ratio
The RHODL ratio compares recently purchased BTC to BTC bought a year or two ago. Currently, buyers are paying more for BTC than they did two years ago, indicating that the market might be reaching a peak.

5. Puell Multiple Level

The Puell Multiple measures the difference between short-term and long-term BTC miner revenue. Peaks usually form at a level of 3, and the highest this year was 2.5 in March. Currently, it’s below 1 but rising, which could contribute to a bull run.

According to crypto analyst ELI5 of TLDR, when the Puell Multiple is high, miners earn well, aligning with market cycle tops.