Bitcoin In ‘Euphoria Wave’ – How Long Until The Bull Run Ends?



The

price
of
Bitcoin
appears
to
have
returned
to
a
choppy
market
condition,
quashing
any
hopes
of
a
breakout
to
new
highs
soon.
However,
the
good
news
is
that
the
current
bull
cycle
may
still
not
be
over,
even
though
it
is
taking
a
while
for
the
premier
cryptocurrency
to
resume
its
upward
momentum.


Specifically,
the
latest
on-chain
observation
shows
that
Bitcoin
has
been
going
through
a
“euphoria
wave”
over
the
past
few
months.
Here’s
the
implication
of
this
phase
on
the
current
bull
run.

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How
Old
Is
The
Current
Bitcoin
‘Euphoria
Wave’?


Blockchain
intelligence
firm
Glassnode

revealed
via
a
post
on
the
X
platform
that
Bitcoin
has
entered
the
euphoria
phase
of
the
market
cycle.
This
on-chain
observation
is
based
on
the
“Percent
Supply
in
Profit”
metric,
which
measures
the
percentage
of
the
total
circulating
Bitcoin
supply
that
is
currently
in
profit.


Related
Reading


According
to
Glassnode,
the
“Euphoria
Wave”
is
identified
as
a
period
during
which
the
supply
in
profit
usually
fluctuates
around
the
90%
level.
This
phase
typically
lasts
between
6
to
12
months
and
is
characterized
by
increased
investor
sentiment
and
heightened
market
speculation.

BTC’s
Supply
Profitability
State
|
Source:

Glassnode/X


Glassnode’s
data
shows
that
93.4%
of
the
circulating
Bitcoin
supply
is
currently
in
the
green
and
that
the

Euphoria
Wave
is
“relatively
young”.
The
on-chain
analytics
platform
noted
that
the
euphoria
phase
has
only
been
active
for
about
two
and
a
half
months.


As
with
every
phase
in
the
market
cycle,
the
Euphoria
Wave
will
eventually
come
to
an
end
at
some
point.
Historically,
the
euphoria
phase
can
signal
tops
and
is
usually
followed
by
a
cooling-off
period,
which
is
marked
by
a
downturn
in
the
price
of
Bitcoin. 

Coinbase Banner  


If
the
last
cycle

with
a
6-month
Euphoria
Wave

is
anything
to
go
by,
then
there
might
still
be
about
three
to
four
months
in
the
current
bull
run.
Ultimately,
the
current
profitability
of
the
premier
cryptocurrency
may
prove
pivotal
in
the
duration
of
its

bull
cycle
and
overall
future
trajectory.


Rise
Of
BTC
Accumulation
Addresses
Continued
In
May:
Analyst


One
of
the
tell-tale
signs
of
the
bullish
sentiment
around
Bitcoin
is
the
continuous
rise
in
accumulation
addresses.
According
to
an
on-chain
analyst
on
CryptoQuant’s
platform,
there
has
been
a
notable
increase
in
the
number
of
new
BTC
accumulation
addresses.


The
analyst

pointed
out
the
continuity
of
this
positive
trend
despite
BTC’s
relatively
slow
price
action
in
May.
Meanwhile,
the
large
Bitcoin
holders
have
also
continued
to

load
their
bags,
with
significant
purchases
recorded
over
the
past
month.


Related
Reading


As
of
this
writing,
Bitcoin
is
valued
at
$67,744,
reflecting
a
mere
0.4%
increase
in
the
last
24
hours.
According
to
data
from
CoinGecko,
the
pioneer
cryptocurrency
is
up
by
about
15%
in
the
past
month.

FreeBitcoin Banner  
Price
of
BTC
at
$67,800
on
the
daily
timeframe
|
Source:
BTCUSDT
chart
on

TradingView


Featured
image
from
iStock,
chart
from
TradingView

Go to Source
Author: Opeyemi Sule


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