CoinMeta data: Analyst Axel Adler Jr indicates that on September 20th, the ratio of Bitcoin's 30-day to 365-day moving averages after the adjustment exceeded 1.0, meaning that the short-term average had risen above the annual average. This marked a shift from an "early bull market" to a full "bull market" phase, with the price at that time being $80,691. As of the time of his analysis, this ratio was 1.018. As long as it remains above 1.0, the market structure is still bullish. This is the sixth time since 2012 that this model has observed such a phase transition. In the previous five instances, four times the price at the end of the bull market phase was higher than when it began. The only exception occurred in August 2015, when that phase lasted only 16 days before the market fell back into an early bull market and then re-entered a bull market phase in October of the same year.