Bull Market Health Check

With Bitcoin just a stones throw away from the all-time-high, it is important to run a bull market health check to see if we still have the legs for another run.

Bitcoin is hovering just a stones throw away from the $73k all-time-high, and has recovered very strongly over the last week. My analysis over the last month has largely covered the details and inner workings of the correction which has been in play since the March ATH was established.

With this in mind, I felt today was a good opportunity to zoom out and take a birds eye view at the state of the Bitcoin market. The goal is to re-orient myself for wherever the next chapter has in store for us.

To start off, let me summarise and lay out my gut instincts for where I think Bitcoin is in the current cycle:

• The market cycle looks remarkably similar to all prior ATH breaks. We don’t seem to have yet left the Quiet and Trending phase of this uptrend (which is excellent), and it has me thinking we still have plenty of gas in the tank.

• The correction we’ve seen since the March ATH was picture perfect. We saw a healthy reset across many metrics, HODLers have slowed down their profit taking, and investor behaviour aligns with classic ‘buy the dip’ mentality.