An opportunity that comes only once within a bull cycle has been identified by on-chain data, highlighting the high profits earned by crypto miners. This indicator is known for its ability to find the bottom of a bear market. It is also effective for predicting the end of a correction period within a bull market, according to CryptoQuant.
Proven Indicator Suggests Bitcoin Bull Run by Q3 2024
This indicator has always been accurate in the past. In the bull cycles of 2016 and 2020, it demonstrated that the indicator drastically declined in terms of miners’ profit margins. These drops were succeeded by the start of the Bitcoins’ powerful increase, which marked the beginning of new bullish phase.
The same trends have been observed in 2024. Although it is difficult to define the moment when the current period of adjustment is over, the statistics show that it cannot be very distant. This has made analysts speculate that a new bull rally could start as early as the third quarter of the year 2024.
The importance of this variable is to see the level of profitability of the miners. When miners earnings drop sharply during a bull cycle it means the market is at the end of correction phase. Such decline in profitability can cause the selling pressure from miners to reduce thereby pushing up the price of Bitcoin.
Analysts Eye Q3 2024 for Potential Crypto Bull Run
CryptoQuant’s assessment shows that the current fluctuations in miners’ profitability are following trends of previous bull runs. It implies that as the indicator goes down, it points to a market turning point. Such changes are eagerly observed by investors and traders as they expect a boost in Bitcoin prices.
According to history, this might be the start of a new bull rally in the third quarter of 2024. This would be a major step in the cryptocurrency market, opening up possibilities for investor profits based on increasing prices.
Altogether, the provided data can give no definitive answers in the realm of cryptocurrency, however, it paints a rather bullish picture for the near future. In the light of the above analysis, the expected bull rally within the third quarter of 2024 will provide attractive opportunities to investors.
