Popular crypto analyst Benjamin Cowen says one on-chain metric suggests Bitcoin’s bull cycle is likely to continue.
In a new YouTube video, Cowen examines BTC’s Realized Marketcap To Thermocap Ratio, Realized Marketcap is Bitcoin’s cost basis times the supply and the Thermocap is the sum of daily Bitcoin miner revenue in US dollars.
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Cowen notes that in past BTC bull market cycles, the ratio has hit new all-time highs. That hasn’t happened yet in the current cycle, according to the analyst.
“If you look at this metric, the Realized Marketcap of Bitcoin divided by the Thermocap, this is what you get. One of the interesting things is that [in] this market cycle we have not seen a higher high on this metric, at least not yet…
When looking at this, you know you have to wonder: Is there more coming? I mean obviously, we’ve spoken about lengthening cycles for a long time, but even if lengthening cycles play out, I… imagine it won’t likely be obvious until either the end of this year or sometime in 2023.”
Cowen notes that Bitcoin is still “very, very fragile” under current market conditions and will remain that way until it can hold certain key milestones as support.
Bitcoin is trading at $40,832.41 at time of writing. The top-ranked crypto asset by market cap is up 3.32% in the past 24 hours.
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