Bitcoin (BTC) could have hit new all-time highs of $ 37,600, but one indicator suggests another bull run is on the way.

Released in the latest weekly report from Stack funds, Bitcoin’s network value to transaction (NVT) ratio data still remains firmly bullish.

Report: NVT Suggests Bitcoin Is “Not Overvalued”

Despite a 30% increase in 2021, according to Stack analysts, earnings are far from over. NVT does not warn that the top is imminent or already here, but is reminiscent of the beginning of a bull run, not the end.

“Currently, NVT is trading on the 70 handle, and is roughly in the middle of the range. This suggests that Bitcoin is not in the overvalued territory, despite the recent price increase in recent weeks,” the report summarizes.

“If anything, a potential spike in the NVT ratio could mean Bitcoin is ready for yet another boom.”

An accompanying chart shows a divergence in N / A versus price similar to those that preceded gains in 2017 and 2019.

Bitcoin NVT ratio vs BTC / USD chart. Source: Stack Funds / CoinMetrics

Stack further noted the curious contrast between raging crypto and unimpressive stock markets, which, despite holding onto or nearing record highs, have not produced any decisive moves so far this year.

Ordinary consumers wake up to Bitcoin

However, as Bitcoin and altcoins increase, the public consciousness is responding in the same way. A look at Google Trends data shows that worldwide interest in the term “Bitcoin” is now greatest since February 2018.

Worldwide Google searches for “Bitcoin”. Source: Google Trends

With the trend projected to hit nearly 70% of its 2017 peak this week, the extra interest in itself could perpetuate the bull market thanks to curiosity turning into buy-ins via regular on-ramps like Square’s Cash App and Coinbase.