{"id":8984,"date":"2024-09-24T05:00:05","date_gmt":"2024-09-24T05:00:05","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=8984"},"modified":"2024-09-24T05:00:05","modified_gmt":"2024-09-24T05:00:05","slug":"bitcoin-set-for-major-bull-run-these-3-on-chain-metrics-signal-a-turning-point","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=8984","title":{"rendered":"Bitcoin Set for Major Bull Run? These 3 On-Chain Metrics Signal A Turning Point"},"content":{"rendered":"

Recent data<\/a> from CryptoQuant has revealed that Bitcoin may be on the cusp of a significant recovery, supported by key on-chain metrics.<\/p>\n

Particularly, according to a CryptoQuant analyst under the pseudonym Darkfost, several indicators are reaching crucial support levels, signaling a \u201cpotential long-term bullish shift.\u201d These metrics suggest that Bitcoin\u2019s price could experience substantial growth<\/a> as market sentiment turns more optimistic.<\/p>\n

Key On-Chain Metrics Pointing To Recovery<\/h2>\n

One of the primary indicators the analyst highlights is the 7-day Simple Moving Average (SMA) of the Fund Flow Ratio. Currently at 0.05, this metric has historically acted as a major support line. When it reaches this level, it often marks the end of a bear market or signals the beginning of a new bullish phase<\/a>.<\/p>\n

The fact that the Fund Flow Ratio is now showing a slight rebound, according to data revealed by Darkfost suggests that investors are becoming more active on exchanges, a positive sign for Bitcoin\u2019s future price trajectory.<\/p>\n

In addition to the Fund Flow Ratio, the 30-day SMA of the Estimated Leverage Ratio is another key metric showing signs of recovery. The leverage ratio, which has formed a support range between 0.15 and 0.175, is trending upwards.<\/p>\n

This indicator measures the use of leverage in Bitcoin trading, and a rise often indicates increased market confidence. Darkfost highlighted that the approval of futures exchange-traded funds (ETFs) and recent developments in Bitcoin options trading would contribute to the \u201cgrowing influence\u201d of this metric<\/a>.<\/p>\n

Another critical metric Darkfost outlined is the 30-day Exponential Moving Average (EMA) of Binary Coin Days Destroyed (CDD). This indicator tracks the movement of long-term Bitcoin holders, and when it rises sharply, it usually signals the \u201cend of a bull market,\u201d according to the CryptoQuant analyst.<\/p>\n

This metric fluctuates between 0.1 and 0.3, indicating that long-term holders are accumulating Bitcoin. Notably, this trend suggests that seasoned investors are positioning themselves for potential future gains, which could further boost Bitcoin\u2019s price in the coming months<\/a>.<\/p>\n

Bitcoin Positive Long-Term Outlook<\/h2>\n

The analysis concludes with a focus on the long-term outlook for Bitcoin. The CryptoQuant analyst believes that the recent movements in on-chain metrics are a positive signal for Bitcoin\u2019s long-term growth. His conclusion read:<\/p>\n

I prefer to observe on-chain data from a long-term perspective. These support levels and recent movements are very positive from a long-term standpoint.<\/p>\n

As revealed in the report, the support levels identified in the Fund Flow Ratio, Leverage Ratio, and Binary CDD all point towards the conclusion of the bear market<\/a>, with increasing momentum building for a future bull run. However, the timing and magnitude of the potential price increases remain uncertain.<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

Recent data from CryptoQuant has revealed that Bitcoin may be on the cusp of a significant recovery, supported by key on-chain metrics. Particularly, according to a CryptoQuant analyst under the pseudonym Darkfost, several indicators are reaching crucial support levels, signaling a \u201cpotential long-term bullish shift.\u201d These metrics suggest that Bitcoin\u2019s price could experience substantial growth […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8984","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8984"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8984"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8984\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}