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Bitcoin (BTC) Set for Next Parabolic Bull Run, CryptoQuant Analyst Says
CryptoQuant analysts are confident that Bitcoin (BTC) is ready for the next leg of a massive bull run. According to Ki Young Jun, an on-chain analyst and founder of CryptoQuant, BTC recorded on-chain momentum, indicating enough capital inflow to initiate the next leg of the bull run.
On-chain momentum indicates enough fresh capital inflow to initiate the next #Bitcoin parabolic bull run. https://t.co/BrvWO1dbc4
— Ki Young Ju (@ki_young_ju) March 13, 2024
The above conclusion was drawn from a crucial UTXO P/L Supply Ratio indicator. For perspective, UTXO (Unspent Transaction Outputs) P/L (Profit/Loss) tracks market sentiment and investor behavior.
As such, a spike in the UTXO P/L Supply Ratio denotes a bullish sentiment as investors hold BTC as they expect further price appreciation. On the other hand, a drop in the metric will underscore a bearish inclination with potential price depre
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