CryptoQuant analyst Axel Adler Jr said that the ratio of the 30-day and 365-day moving averages of adjusted MVRV for Bitcoin broke above 1.0 on September 20, indicating that the short-term average has risen above the annual average. According to his model, the market has moved from the "early bull market" phase to the "bull market" phase, when the BTC price was $80,691. As of the time of his post, the ratio was 1.018. As long as it stays above 1.0, the market structure remains bullish. This is the sixth time since 2012 that this model has shown the above phase switch; in four of the previous five times, the price at the end of the bull phase was higher than the price when entering the phase. The only exception occurred in August 2015, when this phase lasted only 16 days, then fell back to the early bull market and re-entered the bull market phase again in October of the same year.