According to CryptoQuant analyst, we are not yet at the peak of the cryptocurrency bull.
Crypto Dan, analyst of on-chain analysis platform CryptoQuant, stated that we may be in the middle of the bull market, not at its peak. Based on the number of Bitcoin active addresses, the analyst said that the data on the number of active addresses increased twice during a cycle, the first representing the exit of the bear market and the second representing the peak of the bull market.
The number of active addresses increases twice in one cycle; the first when the bear market ends and the bull market begins, and the second when the market approaches the peak of the bull market. With the rise of this indicator in early 2023, the market got rid of the bear market. One might think that we are currently in the middle of a bull market. Eventually, the crypto market will reach the end of the bull market as the number of active addresses increases rapidly and approaches the overheating zone (red dotted line). But not yet.
