Despite the recent sideways movement in crypto markets, several key on-chain indicators suggest that Bitcoin's bull run is just heating up. Market watchers might find this early stage particularly compelling, as famous analyst ELI5 of TLDR points out.

First, Bitcoin's market dominance stands robustly above 56%. Historically, bull markets begin with Bitcoin taking the lead. Traders have exited altcoins, marking a clear sign of consolidation. This high dominance is a precursor to bullish momentum.

The Bitcoin MVRV Z score is another critical indicator. This metric, comparing current market value to historical averages, is well below the peak threshold of 6. Currently, it's less than half that, indicating substantial room for growth.

The Puell Multiple, a measure of Bitcoin mined value against its annual average, aligns with bullish predictions. It hasn't surpassed 3, a figure typically seen at market peaks. Instead, it dropped below 1 post-halving in April, suggesting the rally is far from over.

HODL Waves, which track the holding period of Bitcoin, present a similarly optimistic picture. Younger bands are seeing a decline, implying reduced selling pressure and potential for further price increases. Newcomers might be less committed, but the trend suggests more gains are on the horizon.

Lastly, miner revenue per hash—a measure of miner profitability—remains a bullish signal. Despite the rising network difficulty, spikes in this metric have historically coincided with market peaks. The current trend suggests miners are still in a profitable phase, reinforcing the bull market narrative.

In sum, these indicators paint a picture of a market poised for significant growth. While caution is always advised, the data suggests the bull run is far from its zenith. The seasoned Wall Street investor might find this an opportune moment to watch Bitcoin's next move closely.