{"id":602551,"date":"2024-04-11T01:00:56","date_gmt":"2024-04-11T01:00:56","guid":{"rendered":"https:\/\/uniquehot.com\/?p=602551"},"modified":"2024-06-11T07:54:42","modified_gmt":"2024-06-11T07:54:42","slug":"bitcoin-2-months-euphoria-wave-long-last-one","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-2-months-euphoria-wave-long-last-one\/","title":{"rendered":"Bitcoin 2 Months Through “Euphoria Wave,” How Long Was The Last One?"},"content":{"rendered":"

On-chain data shows Bitcoin has been going through a “euphoria wave” for two months. Here’s how long it was in this phase during the last bull run.<\/p>\n

Bitcoin Has Been In Euphoria Wave Phase According To Supply In Profit<\/h2>\n

According to the latest weekly report from the on-chain analytics firm Glassnode<\/a>, the current BTC cycle is similar to the last one regarding the “Supply Profitability State.”<\/p>\n

This indicator is based on the “Percent Supply in Profit<\/a>,” which keeps track of the percentage of the total circulating Bitcoin supply that’s currently carrying a profit.<\/p>\n

Related Reading: Dogecoin Slows Down: What Needs To Happen For New DOGE Highs?<\/a><\/div>\n

This metric works by going through the on-chain history of each coin in circulation to see the price at which it was last transferred. Assuming that this last transaction was the last point at which it changed hands, the price at its time would reflect the coin’s current cost basis.<\/p>\n

Naturally, if this cost basis is lower in value than the current spot price of the cryptocurrency, then the coin in question carries some net unrealized gain. The Percent Supply in Profit adds up all such coins and calculates what percentage of the supply they make up for.<\/p>\n

The supply Profitability State signals BTC’s current phase based on the market’s profitability status. The chart below shows the trend in this indicator over the past few years.<\/p>\n

\"Bitcoin<\/p>\n

Looks like the metric has been giving a green signal in recent weeks | Source: Glassnode's The Week Onchain - Week 15, 2024<\/a><\/pre>\n
In the chart, the analytics firm has highlighted three important lines for the Bitcoin Percent Supply in Profit. The middle line (colored in blue) represents the cumulative mean of the metric, while the other two signify +1 (green) and -1 (red) standard deviation (SD) from this mean.<\/p>\n
When the Bitcoin Percent Supply in Profit is above the +1SD (approximately 95% of the supply being in the green), the market may be considered to be in the euphoria or pre-euphoria phase.<\/p>\n
Similarly, the Supply Profitability State would indicate a bottom discovery phase for values less than -1SD. The zone between these two corresponds to the “bear\/bull transition” phase.<\/p>\n
From the chart, it’s visible that during the last bull run<\/a>, Bitcoin first saw a 1.5-month-long pre-euphoria wave, during which the metric tested the +1SD line. The asset followed up with a period of decline and consolidation, which put the Supply In Profit back under the +1 SD mark.<\/p>\n
Related Reading: Bitcoin Nears Two Important On-Chain Levels: What Happened Last Time<\/a><\/div>\n
Finally, the coin observed a sharp rally, broke past the +1SD barrier, and went on to achieve new all-time highs, which naturally set the Supply In Profit to 100%.<\/p>\n
Bitcoin seems to have witnessed a similar pattern this time around. A two-month-long pre-euphoria phase was followed by a drawdown, which has now been succeeded by a two-month-long euphoria wave during which the cryptocurrency has achieved new records<\/a>.<\/p>\n
If the euphoria wave lasts for a period similar to the last bull run, then four or more months might still be left for this Bitcoin bull rally.<\/p>\n
BTC Price<\/h2>\n
Bitcoin had recovered above $72,000 earlier, but it appears that the asset has retraced back towards the $69,400 level.<\/p>\n
\"Bitcoin<\/p>\n
The price of the asset appears to have gone through a drawdown over the last couple of days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, Glassnode.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Bitcoin has been going through a “euphoria wave” for two months. Here’s how long it was in this phase during the last bull run. Bitcoin Has Been In Euphoria Wave Phase According To Supply In Profit According to the latest weekly report from the on-chain analytics firm Glassnode, the current BTC cycle is similar to the last one regarding the “Supply Profitability State.” This indicator is based on the “Percent Supply in Profit,” which keeps track of the percentage of the total circulating Bitcoin supply that’s currently carrying a profit. Related Reading: Dogecoin Slows Down: What Needs To Happen For New DOGE Highs? This metric works by going through the on-chain history of each coin in circulation to see the price at which it was last transferred. Assuming that this last transaction was the last point at which it changed hands, the price at its time would reflect the coin’s current cost basis. Naturally, if this cost basis is lower in value than the current spot price of the cryptocurrency, then the coin in question carries some net unrealized gain. The Percent Supply in Profit adds up all such coins and calculates what percentage of the supply they make up for. The supply Profitability State signals BTC’s current phase based on the market’s profitability status. The chart below shows the trend in this indicator over the past few years. Looks like the metric has been giving a green signal in recent weeks | Source: Glassnode’s The Week Onchain – Week 15, 2024 In the chart, the analytics firm has highlighted three important lines for the Bitcoin Percent Supply in Profit. The middle line (colored in blue) represents the cumulative mean of the metric, while the other two signify +1 (green) and -1 (red) standard deviation (SD) from this mean. When the Bitcoin Percent Supply in Profit is above the +1SD (approximately 95% of the supply being in the green), the market may be considered to be in the euphoria or pre-euphoria phase. Similarly, the Supply Profitability State would indicate a bottom discovery phase for values less than -1SD. The zone between these two corresponds to the “bear\/bull transition” phase. From the chart, it’s visible that during the last bull run, Bitcoin first saw a 1.5-month-long pre-euphoria wave, during which the metric tested the +1SD line. The asset followed up with a period of decline and consolidation, which put the Supply In Profit back under the +1 SD mark. Related Reading: Bitcoin Nears Two Important On-Chain Levels: What Happened Last Time Finally, the coin observed a sharp rally, broke past the +1SD barrier, and went on to achieve new all-time highs, which naturally set the Supply In Profit to 100%. Bitcoin seems to have witnessed a similar pattern this time around. A two-month-long pre-euphoria phase was followed by a drawdown, which has now been succeeded by a two-month-long euphoria wave during which the cryptocurrency has achieved new records. If the euphoria wave lasts for a period similar to the last bull run, then four or more months might still be left for this Bitcoin bull rally. BTC Price Bitcoin had recovered above $72,000 earlier, but it appears that the asset has retraced back towards the $69,400 level. The price of the asset appears to have gone through a drawdown over the last couple of days | Source: BTCUSD on TradingView Featured image from iStock.com, Glassnode.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":602567,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,85533,86606,88100,92050,6481,85219,1119,1144],"class_list":["post-602551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bull-run","tag-bitcoin-cycle","tag-bitcoin-euphoria","tag-bitcoin-euphoria-wave","tag-bitcoin-rally","tag-bitcoin-supply-in-profit","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin 2 Months Through "Euphoria Wave," How Long Was The Last One?<\/title>\n<meta name=\"description\" content=\"On-chain data shows Bitcoin has been going through a "euphoria wave" for two months now. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin 2 Months Through “Euphoria Wave,” How Long Was The Last One?","url":"http:\/\/uniquehot.com\/news\/bitcoin-2-months-euphoria-wave-long-last-one\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-2-months-euphoria-wave-long-last-one\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/iStock-1460700055.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/iStock-1460700055.jpg?fit=2309%2C1299"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bull run","bitcoin cycle","bitcoin euphoria","bitcoin euphoria wave","bitcoin rally","bitcoin supply in profit","btc","btcusd"],"dateCreated":"2024-04-11T01:00:56Z","datePublished":"2024-04-11T01:00:56Z","dateModified":"2024-06-11T07:54:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin 2 Months Through “Euphoria Wave,” How Long Was The Last One?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-2-months-euphoria-wave-long-last-one\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-2-months-euphoria-wave-long-last-one\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/iStock-1460700055.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/iStock-1460700055.jpg?fit=2309%2C1299\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bull run\",\"bitcoin cycle\",\"bitcoin euphoria\",\"bitcoin euphoria wave\",\"bitcoin rally\",\"bitcoin supply in profit\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-04-11T01:00:56Z\",\"datePublished\":\"2024-04-11T01:00:56Z\",\"dateModified\":\"2024-06-11T07:54:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/iStock-1460700055.jpg?fit=2309%2C1299","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/602551"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=602551"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/602551\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/602567"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=602551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=602551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=602551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}