Analyst: 5 out of 7 on-chain indicators suggest that the bull market has just begun

ChainCatcher news, according to Cointelegraph, 5 out of 7 on-chain indicators, including Bitcoin MVRV Z score, Puell Multiple, and HODL Waves, suggest that the bull market has just begun.

Among them:

Bitcoin market dominance exceeds 56%: Historically, cryptocurrency bull markets have started with Bitcoin's high dominance, as most traders sold off their altcoins during the previous bear market cycle. Since October 2023, Bitcoin's market share has remained above 50%.

Bitcoin MVRV Z score below 6: The Bitcoin MVRV Z score, which compares the current market value or market cap of an asset to its historical average, typically reaches around 6 during cycle peaks. Currently, it is less than half of that number and has not exceeded 6 since March 2021.

Puell Multiple has not reached 3: The Puell Multiple is another indicator that aligns with cycle peaks, calculated by dividing the daily value of mined Bitcoin by its annual moving average. According to Coinglass data, the Puell Multiple fell below 1 after halving on April 20. Peaks above 3 typically coincide with cycle tops, reaching only 2.4 during the price surge in mid-March 2024.

HODL Waves: Realized Cap HODL Waves provide a macro perspective on how much Bitcoin is held by recent buyers compared to a previous period. The decline in the young wave peak indicates that selling pressure has been exhausted, suggesting there may be more room for upward movement.

Bitcoin miners' revenue per hash: Although it tends to decline over time with increasing network difficulty, ELI5 points out that the last two spikes to $0.3 per TH/s occurred during previous market cycle peaks.