Bitcoin Bull Run Still Alive: 5 On-Chain Metrics Suggest It

Despite recent selling pressure, the Bitcoin (BTC) price remains 10% below its June highs. Some believe this signals the end of the bull run, but on-chain data from Lookonchain suggests otherwise.

Five key indicators point to the continuation of the bull market:

• Bitcoin Price Rainbow Chart: This long-term valuation tool indicates it's still a good time to buy BTC.
• Relative Strength Index (RSI): The current RSI reading suggests BTC hasn't reached its peak yet, despite being above 70, which usually signals overvaluation.
• 200-Week Moving Average: The current price point is still in the blue zone, suggesting further room for growth.
• Cumulative Value Coin Days Destroyed (CVDD): The current CVDD suggests that BTC has not yet reached its peak.
• Bitcoin 2-Year Multiplier: BTC is trading within the middle of the red and green lines, indicating potential for further gains.

However, some analysts warn of a potential correction if Bitcoin doesn't climb above $66,254, which could drop its price to $61,000.

While the market can still be considered bullish, even with a 27% drop, caution is advised, as the average entry price for Bitcoin traders is around $47,000.