Summary
Bitcoin has seen massive gains this year following the approval of U.S. Bitcoin spot ETFs, leading to uncertainty about the traditional four-year market cycle. However, on-chain analytics suggest that the cycle is still intact, with metrics showing that we are currently in the bull phase. Analysts predict that Bitcoin still has significant room for growth, with some suggesting a potential price target of $250K this cycle.
Key Points
1. Crypto investors are celebrating Bitcoin’s significant gains, which have risen by 50% in less than two months after the approval of U.S. Bitcoin spot ETFs in January.
2. The recent surge in Bitcoin’s price has led to uncertainty among traders, as the asset broke the highs of a prior bull market top ahead of schedule, potentially disrupting its traditional four-year market cycle.
3. On-chain analytics platforms like CryptoQuant and Glassnode are monitoring key metrics such as Bitcoin’s MVRV ratio, HODLing rate, and SOPR to determine market cycle extremes and predict future price movements.