CryptoQuant: Bitcoin is likely to hit a new high in June! The cryptocurrency bull market isn’t over yet

This site (120btC.coM): After Bitcoin broke through the high of 73,000 US dollars in March this year, it continued to fluctuate and fall, and even fell below 60,000 US dollars in early May. The dollar mark has caused some investors to wonder whether the current cryptocurrency bull market has come to an end.

However, with the passage of the Ethereum spot ETF and the change of the US presidential candidate's stance on cryptocurrencies, the cryptocurrency market has gradually recovered, and the talk of the end of the bull market has also dissipated.

Bitcoin is likely to rise further in June

In this context, CryptoDan, an analyst at blockchain analysis company CryptoQuant, issued an article today saying that based on the MVRV indicator observation, the current cryptocurrency bull market has not yet is over, and Bitcoin is likely to rise further in early June: By referring to whether Bitcoin’s price is overvalued or undervalued, it is possible to predict whether Bitcoin has reached its peak in this bull market. In the past bull market, MVRV peaked at 4.83 and 3.97, and currently only reaches 2.78. It has not yet entered the overvalued territory and is expected to rise further. Since Bitcoin reached the overheating zone (yellow) in March 2024, it has experienced more than two months of sufficient sideways and adjustment periods, so it is very likely to rise further in early June.

MVRV (Market Value to Realized Value) is used to measure the difference between the two indicators of circulating market value (Market Value) and realized market value (Realized Valued) to determine whether the market sentiment is biased towards overheating or downturn

##Bitcoin MVRV chart

CryptoQuant CEO: Bitcoin is currently in the middle of a bull market

It was previously reported that CryptoQuant CEO Ki Young Ju I also published an article the day before yesterday that Bitcoin is in the middle of a bull market cycle, and shared a chart pointing out that Bitcoin’s actual market value is growing faster than its realized market value. This trend usually lasts for about 2 years. If this pattern If it continues, the bull cycle may end in April 2025.

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