Bitcoin Rides Euphoria Wave Amid Bullish Phase, Record Profits Looming

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The gripping saga of Bitcoin continues its twists and turns, keeping the global financial landscape on its toes. The premier cryptocurrency seems to be playing hide-and-seek with its enthusiasts. It has retreated to an erratic market setting, extinguishing for now the aspirations of a swift ascend to record values. Nonetheless, enthusiasts can find solace in the fact that Bitcoin’s current bullish phase appears to be far from done, regardless of the sluggish pace at which it’s regaining its upward momentum.

The crux of the situation lies in a recent revelation stemming from on-chain observations. It appears Bitcoin has been riding a “Euphoria Wave” for a couple of months, an interesting phase that markedly impacts the ongoing bull run.

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This intriguing term, “Euphoria Wave”, was brought to light by Glassnode, a pillar in blockchain intelligence. According to a statement made on the X platform, Bitcoin has voyaged into the euphoria phase of its market cycle, a determination drawn from the “Percent Supply in Profit” metric. This tracks the percentage of Bitcoin’s total circulating supply currently turning a profit.

As Glassnode elucidates, the “Euphoria Wave” is a timeframe in which the supply garnering profit generally hovers around 90%. Spanning usually six to twelve months, the phase is distinguished by surging investor sentiment and soaring market speculation. Data from Glassnode certifies that an encouraging 93.4% of Bitcoin’s circulating supply is currently in the green, affirming that the Euphoria Wave is still in its infancy, having been active for roughly two and a half months.

Yet, it’s crucial to remember that every phase, including the Euphoria Wave, has an expiry date. The pages of history suggest that Euphoria waves often herald peaks and are typically succeeded by a calming period signified by a depreciating Bitcoin price.

Drawing parallels to the previous cycle, which boasted a six-month-long Euphoria Wave, it can be speculated that the present bull run could have another three to four months of life ahead. Consequently, the present Bitcoin’s profitability could play a significant role in determining the longevity of its bull phase and charting its eventual course.

Further enhancing the bullish sentiment enveloping Bitcoin is an unmistakable upsurge in accumulation addresses. An on-chain analyst on CryptoQuant’s platform flagged a significant swell in the genesis of new Bitcoin accumulation addresses, a positive trend that has been undeterred by Bitcoin’s sluggish price movement in May. Furthermore, the crypto world’s ‘whales’ have consistently padded their assets with hefty Bitcoin purchases throughout the last month.

At the time of writing, Bitcoin stands valued at $67,744, barely recording a 0.4% rise in the last 24 hours. Statistics from CoinGecko indicate a more optimistic trend of around a 15% rise over the past month for the pioneering cryptocurrency.