5 of 7 on-chain indicators suggest the bull run is just beginning

On-chain indicators such as the Bitcoin MVRV Z score, Puell Multiple and HODL Waves paint a bullish picture for Bitcoin investors.

Despite crypto markets having consolidated sideways for the past three months, at least five on-chain indicators suggest the bull market may just be getting started, according to an analyst. 

Since the end of February, crypto’s total market capitalization has been range-bound at around $2.5 trillion. Market observers are conflicted about whether the cycle is already over or not.

These five on-chain indicators, as highlighted by analyst “ELI5 of TLDR” in a post on X on May 19, suggest it is just beginning.

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