Axel Adler, a well-known crypto expert, says that Bitcoin [BTC] could be about to start a 300-day bull run. Using information from CryptoQuant, Adler pointed out key measures that show the bull market is picking up speed. With the recent split event over, BTC prices are only 4.2% below their all-time high (ATH) of $73.7k from two months ago.
Adler said that the Open Interest (OI) measure shows that prices have a lot of room to go up even more. Another important sign is the 90-day Simple Moving Average (SMA) for the Short-Term Holder (STH) Spent Output Profit Ratio (SOPR).
Bitcoin Potential Bull Run
It is possible that the profit peak range is between 1.064 and 1.057, as the STH SOPR hit its highest point in January 2018 at 1.064 and again in March 2021 at 1.057. The 90-day SMA for STH SOPR is currently at 1.015, which suggests that big gains may still be on the way.
Surprisingly, historical data shows that the time between the 90DMA SOPR hitting 1.015 and the next cycle peaks has changed over time. It only took 105 days in the 2020-21 cycle, but it took 291 days in the previous cycle. Based on this range, the next bull run could last anywhere from three to twelve months.
In addition, Adler pointed out that the 7-day moving average (7DMA) of Open Interest has only gone up by 9% during the recent price change. A 20% rise in January 2024 and similar jumps during the 2021 bull run make this look minor. These facts support the idea that Bitcoin’s current rise is just the start.
Bitcoin has technically broken through both the local range (purple) and unbalance (white) zones. This means that the price could go up even more than the $73.7k high. The Relative Strength Index (RSI) has not yet gone above 70, which would mean that strong buying pressure is present near the ATH.
Also, the Chaikin Money Flow (CMF) has jumped above +0.05, which means that a lot of currency is coming in and demand is high. Based on the pale yellow Fibonacci extension levels, the next barrier levels to keep an eye on are $79.2k, $88.1k, and $97k.
