News - Will the bull market be over in 4 months?

By Ted Maas

Will the bull market be over in 4 months?

Bull run

If you scrutinize the last bull market, the current euphoria could soon be over. However, there is a catch if you compare this bull market to the previous one.

The so-called "Supply Profitability State" indicator from Glassnode measures how many investors are profitable or unprofitable with their wallet. According to this indicator, as many as 95 percent of all investors are in the profit zone with their entire portfolio, as Glassnode states in an analysis report.

Supply Profitability State

Comparing the data to the last bull market, a pattern emerges: during the so-called euphoria wave, the Bitcoin price went up for 7.5 months. Based on this data, the Bitcoin price has been sitting on the euphoria wave for four months. This would mean that the bull market is already halfway through and the top of the cycle would be in July or August 2024.

At least that is the theory based on historical data. However, historical price data does not guarantee future trends. After all, there has never been a new all-time high for Bitcoin before the halving.

In any case, a fuller picture is needed for meaningful analysis. Data from other media, for example, only point to the beginning of an even larger bull rally. Read more about it here: Biggest bull run of all time approaching?

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