Bitcoin On-Chain Metrics Hint at Possible New Bull Market
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The on-chain value map indicator suggests Bitcoin has returned to "fair value", which in the past signaled the start of a bull market after a period of sideways trending.
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Bitcoin's realized market capitalization, which values different parts of supply at different prices, has turned upward after years of sideways movement, signaling a trend change.
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The threshold of long-term and short-term Bitcoin holders shows long-term holders reaching all-time highs as short-term holders bounce off all-time lows, suggesting a cyclical shift.
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Multiple on-chain indicators that in the past marked the start of bull markets are flipping, although the moves have often correlated with Bitcoin's halving events.
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If short-term holders start accumulating Bitcoin, it could confirm the indicators are forecasting the start of a new bull market.