After Trump's election, Bitcoin price reached a new record high. However, the MVRV indicator remains sluggish, just above 2. Usually, during euphoria, the MVRV exceeds 3. To truly mark the end of the bull market, this figure needs to rise even higher.

The inflow of new investors is still slow. In the last late stage of the bull market, the share of new investors was close to 80% of the realized capitalization. Now, the figure is only around 30%, making expectations of further growth unrealistic. More interesting price movements and new developments, such as Microsoft buying Bitcoin, are needed to attract new investors to the market.