Despite the cryptocurrency market's sideways consolidation over the past three months, an analyst has pinpointed three blockchain data indicators suggesting a new bull market may be emerging. The total market value of cryptocurrencies has hovered around $2.5 trillion since the end of February, leaving market observers divided on whether the cycle has ended.

Bitcoin's market dominance has remained above 50% since October 2023, a historically significant indicator of the start of a bull market. Additionally, the Bitcoin MVRV Z score, which compares the asset's current market value to its historical average value, is currently less than half of its typical peak value of 6. The Puell Multiple, another data indicator consistent with cycle peaks, has also yet to reach its typical peak value.

Furthermore, HODL Waves charts, which show how much Bitcoin is held by different groups based on their holding periods, indicate a bullish trend for Bitcoin. The decline in peaks in the younger bands suggests that selling pressure has exhausted, leaving room for further gains. According to analyst ELI5, "The number of newcomers to Bitcoin is fewer, and they are more likely to panic sell. It seems we can still rise."

While the cryptocurrency market remains unpredictable, these indicators suggest a potential bull market on the horizon. Investors must remain vigilant and conduct thorough research to make informed decisions aligned with their risk tolerance.