Despite the cryptocurrency market experiencing a period of consolidation over the past three months, at least five on-chain indicators are pointing to a potential bull run in Bitcoin, according to an analyst. The indicators, which include Bitcoin market dominance, MVRV Z score, Puell Multiple, HODL Waves, and miner revenue per hash, are all suggesting that the bull market may be just getting started.

Historically, crypto bull markets have begun with a high level of Bitcoin dominance, which is currently above 56%. This indicates that investors are flocking to Bitcoin as a safe-haven asset, and are selling their altcoins in favor of the leading cryptocurrency. The MVRV Z score, which compares Bitcoin's current market value to its historical average, is also indicating a potential bull run, as it has not yet reached the levels typically seen during cycle peaks. This suggests that Bitcoin's current price is still undervalued compared to its historical average, and has room to grow.

Additionally, the Puell Multiple, which measures the daily value of Bitcoin mined against its yearly moving average, has not yet reached the levels seen during previous cycle tops. This indicator is used to assess the profitability of mining, and a high Puell Multiple indicates that miners are making a significant profit. This is a bullish sign, as it suggests that miners are incentivized to continue validating the network, and are not selling their Bitcoin rewards.

The HODL Waves indicator, which shows how much Bitcoin is held by different cohorts based on when they bought it, is also looking bullish. This indicator is used to assess the level of selling pressure in the market, and a high level of HODL Waves indicates that investors are holding onto their Bitcoin for the long term. This is a bullish sign, as it suggests that investors are not looking to sell their Bitcoin anytime soon, and are instead holding onto it in anticipation of future price gains.

Finally, the miner revenue per hash indicator, which shows how much money miners make for their proof-of-work, is also indicating a potential bull run. This indicator has historically spiked during previous market cycle peaks, and is currently trending upwards. This suggests that miners are making a significant profit, and are incentivized to continue validating the network.

While there are some on-chain metrics suggesting that the market may be overheated, such as the RHODL ratio and Cumulative Value-Days Destroyed (CVDD) metric, the majority of indicators are pointing to a potential bull run in Bitcoin. The RHODL ratio, which compares the average price of recently bought coins to the average price of coins bought 1-2 years ago, is currently indicating that the market may be overheated, as new buyers are paying a premium for Bitcoin. However, this indicator is not always reliable, and should be taken with a grain of salt.

The CVDD metric, which tracks the cumulative sum of value-time destruction as coins move from old hands into new hands as a ratio of the market age, is also indicating that the market may be overheated. However, this metric is also not always reliable, and should be taken in conjunction with other indicators.

The majority of on-chain indicators are pointing to a potential bull run in Bitcoin. While there are some metrics suggesting that the market may be overheated, these should be taken with a grain of salt, and investors should consider the broader trend of indicators before making a decision. As always, investors should do their own research, and consult with a financial advisor before making any investment decisions.