Bitcoin (BTC) On-Chain Analyst Predicts Euphoric Bull Phase 🚀📈

Bitcoin Approaching Euphoric Bull Phase: On-Chain Analyst 🚀

Bitcoin (BTC) seems to be on the cusp of entering an “euphoric bull” phase, as indicated by a well-known on-chain analyst. Checkmate, a pseudonymous analyst with a sizable following on the social media platform X, suggests that BTC is nearing a critical juncture.

Transition from Enthusiastic Bull to Euphoric Bull

Breaking to a new all-time high typically marks this transition
MVRV ratio climbing above 1 standard deviation also plays a role
Clearing the MVRV threshold is usually a significant milestone

The Market Value to Realized Value (MVRV) ratio evaluates Bitcoin’s market capitalization against its realized capitalization, determining whether the digital asset is overvalued or undervalued. Checkmate admits uncertainty regarding the exact timing of this transition.

Uncertain Timing of Transition

Capital inflows impact the timing
Current inflows appear robust
Preparation for reacting to market movements is crucial

According to the analyst, the current Bitcoin bull market exhibits a more structured pattern compared to the 2021 bull run, resembling the price action observed during the 2016/17 period. With a spot-driven and resilient market, Checkmate expresses enthusiasm for the ongoing price movements.

Structured Bull Market

Resemblance to the 2016/17 market dynamics
Spot-driven price action and market resilience
Favorable outlook on current market conditions

As of the time of writing, BTC is trading at $69,815, recording a nearly 2% increase in the past 24 hours and a substantial 14% surge over the last week, affirming the positive sentiment surrounding the digital asset.