Cowen: One On-chain Metric Signals Bitcoin Bull Cycle Continuation

According to a leading crypto analyst Benjamin Cowen one specific on-chain metric signals continuation for Bitcoin bull cycle.

In a recent video update, Cowen shared with his 719K YouTube subscribers that BTC’s Realized Marketcap To Thermocap Ratio has broken new all-time highs, which is significant because in the past bull cycles the ratio has broken all time highs.

Realized Marketcap is Bitcoin’s cost basis multiplied by the supply, while the Thermocap is the total sum of daily Bitcoin miner revenue measured USD.

“If you look at this metric, the Realized Marketcap of Bitcoin divided by the Thermocap, this is what you get. One of the interesting things is that this market cycle we have not seen a higher high on this metric, at least not yet…

When looking at this, you know you have to wonder: Is there more coming? I mean obviously, we’ve spoken about lengthening cycles for a long time, but even if lengthening cycles play out, I… imagine it won’t likely be obvious until either the end of this year or sometime in 2023.”

However, Cowen points out that Bitcoin is still “very, very fragile” and not out of water yet, under the existing market conditions. He believes status quo will remain, until BTC can hold certain key milestones as support.

At the time of writing, BTC is trading at $38,494, down 5.8% on the daily time frame.