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therationalroot
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#Bitcoin on-chain & cycle analysis. Signal only. Follow the carrot down the rabbit hole.

I do receive some zaps, any protocol changes regarding zaps in the last months?

The current rally — over 0.5 standard deviations from the short-term holder cost basis — is comparable to other pre-halving rallies (marked by blue arrows).

#Bitcoin 🧵

The value map is based on the metrics: realized cap, liquid supply and coin days destroyed.

Once again, #Bitcoin back at fair value preceding the Halving. 🧵

This rally sure left many in disbelief. #Bitcoin

Recovery progress 69%. #Bitcoin

Halving progress 90%. #Bitcoin

21K blocks until the Halving.

#Bitcoin cycle comparison

Cycle comparison: 144 days until the Halving.

#Bitcoin

The setup for current price level is a lot different from the previous bull market (end of 2020). #Bitcoin

38k level, in terms of standard deviations, is the same as in March and April earlier this year.

#Bitcoin