Bitcoin Bull Cycle Is Not Over, Important Analyst Says

The crypto market looks bloody today as well, with the most important coins trading in the red. Check out the latest reports about the price of Bitcoin.

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $39,056.

It’s been just revealed that analyst Benjamin Cowen says one on-chain metric suggests Bitcoin’s bull cycle is likely to continue.

In a new YouTube video, he addressed Bitcoin’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.

Cowen also made sure to note the fact that in past BTC bull market cycles, the ratio has hit new ATHs. It’s also important to note the fact that this 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…”

He continued and said:

“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. He also said that the king coin would remain that way until it can hold certain key milestones as support.

Despite the massive volatility in the market, optimistic predictions continue to hit the crypto space. Stay tuned for more news, and make sure to keep your eyes on the market.