Bitcoin’s on-chain signal of early stage bull markets is now appearing, according to analytics firm Glassnode. The firm highlights Bitcoin’s long-term holder MVRV (LTH-MVRV) metric, which tracks the behavior of long-term BTC investors, entering “high-risk” territory. Glassnode shares a chart indicating that BTC tends to experience significant market expansion when the LTH-MVRV signal stays above the high-risk area. The firm also examines its Percent of Supply in Profit (PSIP) metric, which suggests that BTC is nearing a “euphoric phase” of the bull market, just a few thousand dollars away. Bitcoin’s current price is $48,302.