Here Is Why The Bitcoin Bull Run Hasn’t Started, According To Analyst
26 September 2024 - 10:00PM
NEWSBTC
The Bitcoin community have been eagerly awaiting the start of a new
bull market especially following the recent halving that occurred
in April, however, according to a latest analysis from a
CryptoQuant analyst under the pseudonym Onchained, that moment has
not yet arrived and there is a reason. In the post uploaded on the
CryptoQuant QuickTake platform, Onchained’s analysis focused on the
Long-Term Holder (LTH) Mourad Ratio, a proprietary indicator that
tracks UTXOs (unspent transaction outputs) held for more than six
months. This ratio basically helps gauge market sentiment and
accumulation trends among long-term Bitcoin holders, offering
valuable insights into when BTC may enter its next bull phase.
Related Reading: Bitcoin Held For Years Are Now On The Move, Is
This A Signal For Caution? Stability In The Long-Term Holder Mourad
Ratio One of the key indicators highlighted in the analysis is the
stability of the Long-Term Holder Mourad Ratio. Historically, when
this ratio remains stable, it suggests that the market is not yet
ready for a significant upward movement. Onchained explained that a
bull market typically begins only when the ratio starts to deviate
negatively from these stable levels. Currently, data shows that the
LTH Mourad Ratio is steady, signaling that Bitcoin’s bull run is
yet to begin. This stableness in the ratio as revealed by the
analyst, indicates that long-term holders are not yet driving
substantial price movement in the market, and investors may need to
exercise patience until more favourable conditions arise. For
further context, the Mourad Ratio is calculated by dividing the
Long-Term Holder Mourad Current Transaction Value (LTH MCTV) by the
current Bitcoin price. This calculation provides insight into the
average value of UTXOs aged over six months, giving a clearer
picture of recent accumulation trends among longer-term BTC
holders. Technicals Suggests Bitcoin Bull Run Is Not So Far While
Onchained analysis has confirmed that Bitcoin bull run is yet to
start, other analysts has turned to historical price chart to gauge
when the bull run for BTC could begin from a technical perspective.
Popular Bitcoin insight platform known as Bitcoin archive on X has
recently highlighted that BTC is on the verge of making a “bullish
cross-over on the 5-day chart for the first time in 230 days.”
Related Reading: Analyst Warns Of Short Squeeze as Bitcoin Futures
Market Heats Up According to Bitcoin Archive, the last two times
this happened, BTC went up by 79% and 74%, therefore, should this
repeat itself again, Bitcoin could surge past $100,000. Bitcoin
MACD about to make a bullish cross-over on the 5-day chart for the
first time in 230 days. Last 2x Bitcoin went up 79% and 74%.
#Bitcoin will surge OVER $100K if this repeated.
pic.twitter.com/USTaCzHD44 — Bitcoin Archive (@BTC_Archive)
September 25, 2024 Featured image created with DALL-E, Chart from
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