According to crypto analyst Axel Adler, after a two-month hiatus near its all-time high, Bitcoin (BTC) appears ready to unleash another haymaker.

Adler predicts a 300-day bull run fueled by healthy short-term holder profits and a market with plenty of fight.

Short-Term Holder Profit

Adler's data on the Short-Term Holder Spent Output Profit Ratio (STH SOPR) reveals an interesting aspect of the market. The 90-day moving average for STH SOPR is currently at 1.015, indicating short-term holders are in a profitable position.

However, they have not reached the knockout blow levels seen in previous bull runs (around 1.06). This suggests there's still potential for more profit-taking punches before the bulls grow weary, highlighting the current market conditions and opportunities for short-term holders.

Hidden Reserve of Strength

Another bullish indicator is the Open Interest (OI), a metric that reflects the amount of outstanding derivative contracts (futures and options) held by traders.

While the recent price surge is bullish, the seven-day moving average for OI has yet to witness the dramatic rise seen in prior bull runs. This, according to Adler, signifies a hidden reserve of strength in the market, with more firepower waiting to be unleashed.

Technical Indicators

But technical analysis isn't just about fancy ratios and cryptic charts. Adler identifies several technical indicators that paint a bullish picture.

The Relative Strength Index (RSI), a gauge of momentum, hasn't broken past 70, a level often associated with overbought conditions. This suggests the current rally is healthy and sustainable.

Additionally, the Chaikin Money Flow (CMF) has surged past positive 0.05 territory, indicating significant capital inflow and a growing appetite for Bitcoin among investors.

"The current rally is healthy and sustainable, with significant capital inflow and growing investor appetite."

Resistance Levels

While the bulls seem to have the upper hand, Bitcoin still faces key resistance levels at $79k, $88k, and $97k, which were identified using Fibonacci extension levels.

These price points could act as roadblocks for the surging Bitcoin price. However, if the current momentum continues, these resistance levels could be shattered, paving the way for a potential retest of the all-time high at $73,700 and a possible upward motion beyond.