Bitcoin’s price is up a considerable 100% since the lows below $30K a few months back, but one analyst believes that the true “bubble” hasn’t even started yet.

• According to CryptoQuant analyst who goes by the Twitter handle venturefoundEr, we have yet to see the real BTC bubble.
• He argues that “bubbles form when the momentum of short-term returns attracts enough money that the makeup of investors shifts from mostly long-term to mostly shor-term.”
• At the time of this writing, the short-term hodlers account for 17% of the supply distribution – a number that’s sitting at an all-time low.
• Moreover, the narrative further dives into the reasons behind bubble formation and says that:

The formation of bubbles isn’t so much about people irrationally participating in long-term investing. They’re about people somewhat rationally moving towards short-term trading to capture momentum that had been feeding on itself.

• Another common way to gauge where are we in the current market cycle is to see the retail interest in BTC.
• As CryptoPotato reported earlier, there’s still no sign of FOMO (fear of missing out) in the market as retail investors are nowhere near as many as they were back in May this year, let alone 2017.