The surge in BTC’s 90-day active supply points to a potential bullish phase ahead

• A new Stack Funds report found that Bitcoin’s 90-day active supply has reached its pre-2017 bull run level. 
• The report predicts a possible bullish phase in Bitcoin’s near future. 

BTC’s 90-day active supply has reached its pre-2017 bull run level, suggesting a possible bullish phase in the coin’s future. According to a recent report by Stack Funds, Bitcoin has ended the second quarter of 2020 on a positive note, with holders continuing to consolidate and adopt a long-term investment strategy. 

The spike in Bitcoin’s 90-day active supply in the last quarter serves as an indicator of the sentiment cycle of coin holders, according to Stack Funds. An excerpt from the report reads: 

 Prior to the 2017 and 2019 bull run, where Bitcoin hit $20,000 and $14,000 highs against the dollar, there was evidence of steep surges in the 90d % active supply […] These occurrences tend to peak for a window of 60 – 90 days, before Bitcoin’s induced price rally is realized.

Stack Funds said that the surge in active supply has historically led to a run-up in Bitcoin prices, which the firm believes “could happen sooner rather than later.”