In recent market analysis, cryptocurrency experts have highlighted Bitcoin’s (BTC) strengthening on-chain metrics, suggesting it may be poised for another significant bull run.

Prominent figures in crypto analysis, including on-chain analyst Axel and CryptoQuant CEO Ki Young Ju, contribute to the growing sentiment that Bitcoin could be poised for a significant price surge.

Axel, known for his ongoing analysis of BTC’s on-chain data, stressed the importance of looking at the UTXO Profit/Loss (P/L) Supply Ratio Momentum, a complicated way to compare short-term and long-term profits based on Bitcoin transactions.

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The chart displays bitcoin price dynamics and UTXO P/L Supply Ratio Momentum. This metric divides average weekly P/L ratio by the yearly average. In the past decade, two significant momentum spikes were observed, with a third emerging now. pic.twitter.com/fGt9n9Uaqa

— Axel Adler Jr (@AxelAdlerJr) March 13, 2024

Axel said this number is found by dividing the average weekly profit/loss ratio by the average for the year. He said that two significant jumps in this movement in the last ten years have happened before times of market growth. 

This suggests that a mid-bull rally phase could be coming up soon, which could be noteworthy for Bitcoin investors.

In response to Axel’s research, CryptoQuant CEO Ki Young Ju agreed with the bullish view. He said that BTC’s on-chain movement shows that sufficiently new capital inflow is coming into the market to start the next parabolic bull run. This means enough new investments are coming into the market to push BTC to new highs.

On-chain momentum indicates enough fresh capital inflow to initiate the next #Bitcoin parabolic bull run. https://t.co/BrvWO1dbc4

— Ki Young Ju (@ki_young_ju) March 13, 2024

Bitcoin’s Market Performance

These expert opinions align with Bitcoin’s strong market performance. The cryptocurrency is still on the rise and is trading near a record-high $73,435, a 2.07% increase in the last 24 hours.

BTCUSD 1-Day Chart

During the same period as this bullish trend, trading volume increased by 13.48%, hitting $63.61 billion. This shows that more people are interested in and investing in Bitcoin.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.