Rajarshi Mitra
Independent Analyst
- A new Stack Funds report found that Bitcoin’s 90-day active supply has reached its pre-2017 bull run level.
- The report predicts a possible bullish phase in Bitcoin’s near future.
BTC’s 90-day active supply has reached its pre-2017 bull run level, suggesting a possible bullish phase in the coin’s future. According to a recent report by Stack Funds, Bitcoin has ended the second quarter of 2020 on a positive note, with holders continuing to consolidate and adopt a long-term investment strategy.
The spike in Bitcoin’s 90-day active supply in the last quarter serves as an indicator of the sentiment cycle of coin holders, according to Stack Funds. An excerpt from the report reads:
Prior to the 2017 and 2019 bull run, where Bitcoin hit $20,000 and $14,000 highs against the dollar, there was evidence of steep surges in the 90d % active supply [...] These occurrences tend to peak for a window of 60 - 90 days, before Bitcoin’s induced price rally is realized.
Stack Funds said that the surge in active supply has historically led to a run-up in Bitcoin prices, which the firm believes “could happen sooner rather than later.”
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