Bitcoin’s”reserve risk” metric suggests the cryptocurrency is nowhere close to a significant cost .

Despite seeing its largest drop for a month in the previous 24 hours, bitcoin (BTC, -9.04percent )’s bull run is likely to last.

That’s the suggestion of blockchain data demonstrating the cryptocurrency is still an attractive bet for existing holders and prospective buyers.

Bitcoin’s”reserve risk” metric measures the risk-reward proportion of investment based on long-term holders’ confidence relative to the price at any given time period, and is currently viewed at 0.008. That’s well short of highs over 0.02 seen throughout the bull market frenzies of December 2017, December 2013, and June 2011, based on blockchain analytics company Glassnode.

The low current degree indicates confidence is still high relative to the cryptocurrency’s cost. Essentially, the risk/reward is skewed attractively even following the cryptocurrency’s six-fold rally in the previous 5.5 months.

“The incentive for long term holders to market remains relatively low when compared to past bull markets,” Jeff Rose, founder and CEO of Vailshire Capital Management, tweeted Monday. “This metric suggests the current bull market still has a long way to operate in terms of cost increases”

The bullish signal is consistent with the positive picture painted by other on-chain indicators, such as the market value relative to recognized value ratio.

Bitcoin’s latest bull market began a year ago after the book risk fell into the buy zone (green area) below 0.002. Ever since then, the cryptocurrency has charted an 11-fold rally.

The risk-reward ratio will probably be deemed unattractive when the indicator hits the red zone above 0.02.

Reserve risk is calculated by dividing bitcoin’s price at any point in time from the”HODL Bank,” as comprehensive by Glassnode, which represents the opportunity cost of holding an advantage. “Each day a coin has been held, the owner defers the capacity to exchange it for its cash value,” according to Glassnode.

“We’ve seen approximately below $1 billion in liquidations before 24 hours. However, the market continues to hold its $53,000 support,” explained Matthew Dibb, COO and co-founder of Stack Funds. “There is an expectation of a deeper pullback to $47,500 if we close below [the 53,000] level.”

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