In a series of recent market analyses, cryptocurrency specialists have spotlighted Bitcoin’s burgeoning on-chain metrics and its potential readiness for another massive bull run. Notable voices in the crypto analysis world, including on-chain analyst Axel and CryptoQuant CEO Ki Young Ju, have contributed to a growing sentiment that Bitcoin may be on the cusp of its next major price surge.
Axel, renowned for his insightful interpretations of Bitcoin’s on-chain data, highlighted the significance of the UTXO Profit/Loss (P/L) Supply Ratio Momentum, a sophisticated metric assessing short-term versus long-term profitability based on Bitcoin transactions. According to Axel, this metric is calculated by dividing the average weekly profit/loss ratio by the yearly average.
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The chart displays bitcoin price dynamics and UTXO P/L Supply Ratio Momentum. This metric divides average weekly P/L ratio by the yearly average. In the past decade, two significant momentum spikes were observed, with a third emerging now. pic.twitter.com/fGt9n9Uaqa
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) March 13, 2024
He noted that over the past decade, there have been two significant spikes in this momentum, and he observed that a third one appears to be emerging currently. These spikes, Axel explained, correlate closely with periods of market growth, suggesting potential mid-bull rally phases that could yield substantial profits for investors.
Next Bitcoin bull run coming?
In response to Axel’s analysis, Ki Young Ju, CEO of CryptoQuant, provided his perspective, reinforcing the bullish outlook. He stated that the on-chain momentum of BTC indicates that there is enough fresh capital inflow to start the next Bitcoin parabolic bull run. This comment underscores the belief that there is sufficient new investment entering the market to propel Bitcoin to new heights.
On-chain momentum indicates enough fresh capital inflow to initiate the next #Bitcoin parabolic bull run. https://t.co/BrvWO1dbc4
— Ki Young Ju (@ki_young_ju) March 13, 2024
These expert analyses come at a time when Bitcoin’s market performance is already showing signs of strength. The cryptocurrency has continued its rally, currently trading at an impressive $73,435, which represents a 2.07% increase over the last 24 hours. This bullish trend is complemented by a significant increase in trading volume, which has surged by 13.48% in the same period, reaching $63.61 billion.
Such heightened activity indicates growing interest and investment in Bitcoin. However, further evidence of Bitcoin’s robust health is its increased market capitalization, which now stands at $1.44 trillion, up by 2.06%. This rise reflects not only growing investor confidence but also Bitcoin’s expanding influence in the financial landscape.
