CryptoQuant analyst CryptoDan published an article today stating that the bull market for cryptocurrencies is not yet over. After more than two months of consolidation, Bitcoin is likely to further rise in early June.
(Background:
Air Raid Alert! Mt.Gox transferred more than 140,000 BTC, Bitcoin plummeted to $67,500
)
(Supplementary information:
Legendary investor Soros holds over $257 million worth of “MicroStrategy convertible bonds”, embracing Bitcoin indirectly
)
After surpassing the $73,000 mark in March this year, Bitcoin has continued to oscillate and decline. In early May, it even dropped below the $60,000 level, leading some investors to question whether this round of the cryptocurrency bull market has come to an end.
However, with the approval of the Ethereum spot ETF and the shift in the stance of US presidential candidates towards cryptocurrencies, the cryptocurrency market is gradually warming up, and the notion of the bull market ending has dissipated.
Bitcoin is likely to rise further in June
Against this backdrop, CryptoDan, an analyst at blockchain analytics company CryptoQuant, stated in a recent article that based on observations of the MVRV indicator, the current cryptocurrency bull market is not yet over and Bitcoin is likely to rise further in early June:
MVRV (Market Value to Realized Value) is used to measure the difference between the market value and the realized value, thereby determining whether market sentiment is overheated or subdued.
Bitcoin MVRV chart. Source: CryptoQuant
CryptoQuant CEO: Bitcoin is currently in the mid-term of the bull market
According to a previous report by DooMoo, CryptoQuant CEO Ki Young Ju also stated in an article the other day that Bitcoin is currently in the mid-term of the bull market cycle. He shared a chart indicating that Bitcoin’s realized value is growing faster than its realized value, and this trend usually lasts for about two years. If this pattern continues, the bull market cycle may end in April 2025.
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