Bitcoin's Bull Run: Lesser-Known Indicator Signals $45,000 in a Month.
Bitcoin's reserve-risk multiple has turned positive for the first time since October 2021, indicating the onset of a major bull market. The reserve-risk multiple is a long-term cyclical indicator that compares the incentive to sell at the going market price with long-term holders resisting the temptation to liquidate. Previous crossovers above zero with the reserve-risk multiple paved the way for sharp price rallies, with gains of up to 6,400%. The latest positive crossover suggests that bitcoin's recent rally to 10-month highs may be only the first milestone in its upward journey, with the cryptocurrency's fourth reward halving due in April next year.