According to a recent analysis, Bitcoin (BTC) is entering a new «speculation cycle» that is typical of a bull run. Philip Swift, who created the RHODL Ratio metric, stated that history is repeating itself. RHODL Ratio tracks the behavior of BTC price based on the realized price of supply, which is the price at which coins last moved. The ratio provides insight into the activity of short-term and long-term holders, and indicates the level of speculation in the market. The current bounce in RHODL has hit its green accumulation zone, indicating that a new bull cycle is already underway. Despite market participants’ risk-off sentiment on crypto markets on short timeframes, Swift argued that Bitcoin may return to $20,000 in the final year before its next block subsidy halving. This article does not provide investment advice or recommendations and readers are advised to conduct their own research before making any decisions.