Bitcoin (BTC) holders have to accumulate “not long” before the bull run extends beyond $20,000, a recent report says.
The Weekly Survey of Asian crypto fund provider Stack Funds, published on Dec. 10, forecasts that one predictor would follow historical precedent in particular and catapult Bitcoin higher.
The market cap to thermo cap ratio (MCTC) shows signs of repeating its success in 2017, the year in which BTC/USD went from below $1,000 to $19,866 on Coinbase, according to Slack.
MCTC is around 17 so far this week, mimicking mid-2017 and lingering in a position from which it has heralded the launch of a bull market twice.
The ratio is currently at the stage of 17, which corresponds with its highest in 2019. Furthermore the valuation is adjacent to its 2017 breakout, where it whipsawed some 20 handles before the recovery in Bitcoin materialized, the report said.
There is thus considerable room for maneuvering upwards in its current position, which allows Stack to assume that bullish momentum will begin shortly.