Leading cryptocurrency analyst Ki Young Ju has asserted that Bitcoin is currently in a bull market cycle after the largest cryptocurrency finally surpassed $30,000.
In a recent tweet, the CryptoQuant head explained that the Bitcoin price-earnings ratio (PER), which is based on miner revenue, stands at 73, implying an attractive price point for miners to sell and indicating a bullish phase.
Ju’s formula for calculating Bitcoin’s PER involves dividing the cryptocurrency’s price by the annual miner revenue over the total supply.
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The current bullish phase, according to the expert, exhibits certain cyclic patterns within the cryptocurrency industry.
At press time, the Bitcoin price is trading approximately $30,019.91 with a slight upward trend observed over the past week. Its market cap is nearing the $600 billion mark.
Upcoming options expiries
Adding complexity to the market scenario, recent data indicates that 31,000 Bitcoin options contracts are about to expire.
With a put-call ratio of 0.73 and a maximum pain point of $27,000, these contracts represent a notional value of $930 million.
Additionally, 180,000 Ethereum options are also nearing their expiry date, carrying a put-call ratio of 0.86, a maximum pain point of $1,750, and a notional value of $340 million.
