According to Cointelegraph: Recent research by on-chain data analytics firm CryptoQuant suggests that Bitcoin's bull cycle is not yet over, despite a 13% decline in BTC value from its newest record high. The dip from $73,835 to just above $60,000 is regarded as a "pre-halving retrace" ahead of Bitcoin's looming halving event.

BTC/USD daily chart. Source: TradingView

CryptoQuant's "Weekly Crypto Report" reveals that only 48% of Bitcoin investment comes from short-term holders, whereas a typical bull cycle concludes with 84%–92% of investment from such investors. Furthermore, Bitcoin's valuation metrics are currently lower than levels usually seen at market peaks, further strengthening the case for the continuation of the bull cycle.

Bitcoin realized cap — OTXO age bands percentage. Source: CryptoQuant

The impending Bitcoin halving event, currently less than a month away, is expected to further boost BTC price. This event will cut miner block rewards by 50%, from 6.25 BTC to 3.125 BTC, and has historically triggered significant Bitcoin bull runs.

Bitcoin: CryptoQuant profit and loss (PnL) index. Source: CryptoQuant

Standard Chartered Bank has accordingly adjusted its BTC price forecast for 2024 from $100,000 to $150,000, speculating on a $250,000 cycle top in 2025 before settling around $200,000. Their analysis takes the impressive performance of spot Bitcoin exchange-traded funds and the novel market dynamics they introduce into account.

Bitcoin halving countdown. Source: CoinMarketcap