Bitcoin demand is still there, but the bull market hasn't started yet. Has the bull market ended? A bull market ends when demand is less than supply. Let's look at the data to see if the current market conditions mark the end of a bull cycle.

- There is no bubble in the market, as Bitcoin's market value is growing steadily.

- The standard deviation indicator shows that Bitcoin's price is not overbought.

- Long-term holders are not selling, and their confidence is high.

- Exchange traffic is low, with no bearish pressure.

This means the bull market is still active, and the market is bullish. However, there is no major breakout yet, and patience and market timing are crucial.

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