After Trump's election, the price of Bitcoin reached a new high. But the MVRV indicator remains subdued, just above 2. For a true bull market to end, this indicator must exceed 3.

The influx of new investors is still slow. At the last stage of the bull market, the share of new investors by realized capitalization was almost 80%. It is now at a low level of 30%, which makes it difficult to expect significant growth.

More attractive price movements and new events such as Microsoft's purchase of Bitcoin are needed to attract new investors.