CryptoQuant analyst CryptoDan posted an article today stating that the cryptocurrency bull market is not yet over, and after more than two months of consolidation, Bitcoin is likely to further rise in early June.
(A brief summary:
Air raid alert! Mt.Gox transfers over 140,000 BTC, Bitcoin plunges below $67,500
)
(Background information:
Legendary investor Soros holds over $257 million in “MicroStrategy Convertible Bonds,” indirectly embracing Bitcoin
)
After reaching a high point of $73,000 in March this year, Bitcoin has been continuously fluctuating and declining, even falling below the $60,000 mark in early May, causing some investors to doubt whether this round of cryptocurrency bull market has come to an end.
However, with the approval of the Ethereum spot ETF and the change in the stance of US presidential candidates towards cryptocurrencies, the cryptocurrency market is gradually warming up, and the notion 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, posted an article today stating that based on the MVRV indicator, this round of cryptocurrency bull market is not over yet, and Bitcoin is likely to rise further in early June:
MVRV (Market Value to Realized Value) is used to measure the difference between circulating market value and realized market value, in order to determine whether the market sentiment is overheated or depressed.
Bitcoin MVRV chart. Source: CryptoQuant
CryptoQuant CEO: Bitcoin is currently in the middle of a bull market
According to previous reports by CoinMarketCap, CryptoQuant CEO Ki Young Ju also posted an article the day before yesterday, stating that Bitcoin is currently in the middle of a bull market cycle, and shared a chart indicating that the actual market value of Bitcoin is growing faster than its realized market value. This trend usually lasts for about 2 years, and if this pattern continues, the bull market cycle may end in April 2025.
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