An on-chain analyst known as Checkmate predicts that Bitcoin (BTC) could be on the verge of a “euphoric bull” phase.
Key Indicators
Checkmate observes that Bitcoin is approaching a “decision point” where it could break through its all-time high. This has historically marked a transition to a more bullish phase.
Another indicator is the MVRV ratio, which compares Bitcoin’s market value to its realized value. When this ratio exceeds 1 standard deviation, it often signals an overvalued market. However, Checkmate notes that Bitcoin rarely clears this threshold on the first attempt.
Market Dynamics
Checkmate acknowledges that the timing of this transition is uncertain, but emphasizes that capital inflows appear healthy. He believes that the current bull market is more structured than the 2021 surge, resembling the 2016/17 bull run.
Current Price Action
At the time of writing, BTC is trading at $69,815, up nearly 2% in the past 24 hours and 14% in the past week.
