Is the Bitcoin Bull Over: CryptoQuant Answered!

Critical data specific to Bitcoin (BTC) shed light on what stage the bull market might be at.

Analyst of on-chain analysis platform CryptoQuant spoke about the Bitcoin bull. Examining the Bitcoin chart through the MVRV data, the analyst explained that the current bull is not over yet compared to the past bull markets.

He stated that historically, the MVRV data specific to Bitcoin reached the top after reaching the levels of 4.83 and 3.97, and that the end of the bull had come, while currently this data has reached a maximum of 2.78.

Based on this, the analyst emphasized that we may be halfway through the bull run and predicted that the rises could continue:

In past bull markets, MVRV data reached 4.83 and 3.97 levels, followed by a peak. Currently it has only reached 2.78. It still hasn't entered the overvalued zone and further rises are expected.

According to CoinGecko data, Bitcoin, which has increased by 0.6% in the last 24 hours, is traded at $68,768 at the time of writing.