Bitcoin Bull Run Still In Mid-Stage According to 3 Key Indicators

BySamson Ononeme

Dec 14, 2023
3 Indicators Suggest More Upside Coming for Bitcoin Bull Run

Key Insights

  • Despite 150%+ surge in 2023, key bitcoin indicators like Puell Multiple, MVRV and Mayer Multiple suggest bull run still in mid-stage rather than overheated peak
  • Blockchain signals like miner outflows and realized versus market price paint rational picture rather than arguing for major pullback
  • Investors waiting on sidelines for deep discount entry risk leaving returns on table amid strong technical and on-chain backdrop

Bitcoin has exploded over 150% higher in 2023, easily outpacing traditional assets. With such rapid gains in under a year, some investors may intuitively feel Bitcoin is overextended and due for a pullback. However, key on-chain indicators related to miner patterns, blockchain activity, and historical price averages suggest the crypto king still has ample room left to run.

Why This 150% Bitcoin Rally May Have Room to Run

The Puell Multiple tracker of mining profitability shows miners are liquidating coins at a moderate pace – the metric remains well below levels typically associated with distribution and market peaks.

The Puell Multiple might go down to the buying zone after Bitcoin’s fourth reward halving in March.

As the next halving event approaches in March 2024, which slashes Bitcoin rewards per block, the indicator could plunge further into undervalued territory.

Similarly, Bitcoin’s current market value based on price significantly exceeds its “realized value,” which adjusts for lost coins. However, the divergence measured by the MVRV Z-score is not close to historical overvaluation thresholds.

MVRV Z Score measures how much the total market value is different from what’s considered a fair value.

Readings above 8 signal bull market exhaustion – Bitcoin’s score is less than half that today.

Finally, despite Bitcoin’s stellar 2023 performance, its price remains 1.4 times above its 200-day moving average, via the Mayer Multiple indicator. While high, it has approached 5x in past bull market frenzies. The metric suggests Bitcoin can rally another 50% just to touch the upper edge of “overbought” territory relative to its long-term trend.

Mayer multiple helps figure out if the market is too high or too low

So while Bitcoin has seen massive gains, key blockchain metrics indicate this bull market likely remains in its middling phase rather than the termination phase. Miners are not overselling, realized value is lagging market value, and its prevailing uptrend has historical precedent to persist and reach much greater extremes. Crypto winter may not resume just yet.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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