After Bitcoin broke through a high of US$73,000 in March this year, it continued to fluctuate and decline. In early May, it even fell below the US$60,000 mark. Some investors began to wonder whether the current round of cryptocurrency bull market had begun. to end.
However, with the passage of the Ethereum spot ETF and the change of the US presidential candidate's stance on cryptocurrencies, the cryptocurrency market has gradually recovered, and the talk of the end of the bull market has also dissipated.
Bitcoin is likely to rise further in June
In this context, CryptoDan, an analyst at blockchain analysis company CryptoQuant, issued a statement today saying that based on the MVRV indicator observation, the current cryptocurrency bull market is not over yet, and Bitcoin is likely to rise further in early June:
By looking at whether Bitcoin's price is overvalued or undervalued, you can predict whether Bitcoin has peaked in this bull market. In the past bull market, MVRV peaked at 4.83 and 3.97, and currently only reaches 2.78.
It has not yet entered the overvalued territory and is expected to rise further. Since Bitcoin reached the overheating zone (yellow) in March 2024, it has experienced more than two months of sufficient sideways and adjustment periods, so it is very likely to rise further in early June.
CryptoQuant CEO: Bitcoin is currently in the middle of a bull market
According to previous reports from Dongzhu, Ki Young Ju, CEO of CryptoQuant, also issued an article the day before yesterday that Bitcoin is in the middle of the bull market cycle, and shared a chart pointing out that Bitcoin’s actual market value is growing faster than its realized market value. This kind of Trends typically last around 2 years, and if this pattern continues, the bull cycle could end in April 2025.
