Bitcoin Bulls Eyeing Parabolic Surge: Experts Predict Next Price Rally
Recent market analyses have brought attention to Bitcoin's on-chain metrics, suggesting the potential for a significant upsurge in its value.
Notable figures in the cryptocurrency analysis sphere, such as on-chain analyst Axel and CryptoQuant CEO Ki Young Ju, have contributed to the optimistic outlook on Bitcoin’s future.
Axel, known for his adept interpretation of Bitcoin’s on-chain data, emphasized the importance of the UTXO Profit/Loss (P/L) Supply Ratio Momentum—a complex metric evaluating short-term versus long-term profitability 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
He highlighted that this metric, derived by dividing the average weekly profit/loss ratio by the yearly average, has exhibited notable spikes over the past decade, with indications of a potential third surge.
Axel pointed out that historically, these spikes have coincided with periods of market growth, indicating possible mid-bull rally phases with promising prospects for investors.
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Ki Young Ju echoed this sentiment, suggesting that Bitcoin’s on-chain momentum signals the influx of fresh capital necessary to initiate the next parabolic bull run. This observation underscores the belief that a substantial injection of new investment could propel Bitcoin to unprecedented heights.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
