The price of Bitcoin reached a new all-time high after Trump's election, but the MVRV index remains low, just above 2. In periods of excitement, this index typically exceeds 3. To mark the final phase of a bull market, it needs to rise higher.

The number of new investors entering the market remains slow. In previous bull market phases, the proportion of new investors accounted for nearly 80% of the actual market capitalization. Currently, this figure is only at 30%, making strong growth expectations difficult. Attractive price movements and new developments, such as Microsoft's purchase of Bitcoin, are needed to attract more new investors.