Glassnode : “Bitcoin’s Euphoric Bull Run: End in Sight?”

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The price of Bitcoin seems to have settled into a choppy market, delaying hopes of a new high breakout. Despite this, the current bull cycle may not be over just yet, with the premier cryptocurrency taking its time to regain upward momentum. Recent on-chain data suggests that Bitcoin has entered an “euphoria wave” phase, indicating increased investor sentiment and market speculation. Glassnode reports that 93.4% of circulating Bitcoin is currently in profit, with the euphoria phase being relatively young at about two and a half months. The rise in accumulation addresses and continued bullish sentiment suggest potential for further growth in the current bull run.

The Current State of Bitcoin Market

Bitcoin has once again found itself in a choppy market condition, dampening hopes for an imminent breakout to new highs. While the premier cryptocurrency has been struggling to regain its upward momentum, there are signs that the current bull cycle may still have some life left in it.

Bitcoin’s ‘Euphoria Wave’ Explained

Recent on-chain observations have revealed that Bitcoin is currently experiencing what is known as the “Euphoria Wave”. This phase, as identified by blockchain intelligence firm Glassnode, is marked by a high percentage of the total circulating Bitcoin supply being in profit.

Glassnode’s data shows that 93.4% of the circulating Bitcoin supply is currently in profit, indicating that the Euphoria Wave is still in its early stages. Typically lasting between 6 to 12 months, this phase is characterized by heightened investor sentiment and increased market speculation.

Implications of the Euphoria Wave

While the Euphoria Wave may signal a peak in the market cycle, it also suggests that there could still be a few months left in the current bull run. Historically, this phase is followed by a cooling-off period, during which the price of Bitcoin may experience a downturn.

The profitability of Bitcoin during this phase will play a crucial role in determining the duration of the bull cycle and the cryptocurrency’s future trajectory. With the Euphoria Wave still relatively young, there is still potential for further upside in the market.

Rise of BTC Accumulation Addresses

Another positive indicator for Bitcoin’s bullish sentiment is the continuous rise in accumulation addresses. On-chain analysts have noted a significant increase in the number of new BTC accumulation addresses, despite the cryptocurrency’s slower price action in May.

Large Bitcoin holders have also been actively accumulating more of the cryptocurrency, with notable purchases recorded over the past month. This trend of accumulation addresses points towards a growing confidence in Bitcoin’s long-term prospects.

In conclusion, while Bitcoin may be facing a period of consolidation in the short term, the underlying fundamentals of the cryptocurrency remain strong. The Euphoria Wave and the rise of accumulation addresses indicate that there is still optimism in the market, suggesting that the current bull cycle may have more room to run.