"All these signs are quite interesting, does anyone know yet?"
In addition to seeing a recovery in cryptocurrency market sentiment, several other things also point to a possible price rally after Bitcoin (BTC) breaks through $71K. Here are five of the most prominent signs that the early arrival of the Bull Run is imminent.
BTC Market Dominance
Through observation, BTC dominance has reached 55.87% which is the highest dominance applied in three years, so here it can be seen that bull run usually starts when BTC dominance rises more than 56%.
BTC MVRV Z Score
The BTC MVRV Z score reveals the moment of cyclical upswing by comparing the current BTC capitalization with its average value.
It is well known that the BTC MVRV Z score has not yet approached 6 immediately after the 2021 bull run, therefore it should be noted that the BTC data is now half of 6 and this means that a bull run may occur soon.
BTC HODL Waves
BTC HODL Waves data is bullish for BTC right after comparing new BTC holders to old BTC holders.
This is because when the number of new BTC holders decreases, there is a possibility of seeing more profit as the selling pressure decreases as new holders are more likely to sell after the situation becomes unfavorable.
RHODL Ratio
The RHODL ratio is a comparison of BTC bought recently and BTC bought a year or two ago.
According to current data, BTC buyers are paying more for BTC than two years ago, so here it can be seen that it is an indication that the crypto market has reached an important mark for a bull run to start.
Puell Multiple Level
Showing the difference between short-term BTC miner yield and long-term yield flow, Puell Multiple Level usually forms an increase when the level is at 3 and the highest level of the year is 2.5 in March 2024.
