Bitcoin Still Has the Potential to See Massive Bull Market, Says CryptoQuant

CryptoQuant noted that MVRV reached a peak at 4.83 as well as 3.97 in the former bull markets. On the other hand, the respective indicator has just touched 2.78

CryptoQuant, a renowned platform for on-chain analytics, has recently highlighted the potential for Bitcoin to experience an extended bull market. The platform took to its official account on social media platform X to announce that the bull market for Bitcoin is not over yet.

In its analysis, CryptoQuant provided a historical perspective on the top crypto token to support its claim. The platform noted that during previous bull markets, the MVRV reached peaks of 4.83 and 3.97, respectively. However, in the current market, the respective indicator has only reached 2.78.

According to CryptoQuant, this scenario suggests a positive outlook for the top crypto. The company further noted that the current MVRV level indicates that the premier crypto coin is still outside the overvalued zone.

Considering that the token has not yet entered the overvalued stage, there is potential for further price appreciation. In this regard, CryptoQuant also published a post on its official website to provide deeper insights.

In its blog post, the platform highlighted that the crypto token has ample room for further price increase. This situation reportedly indicates that Bitcoin is not yet at the concluding phase of its bull market.

Such metrics bode well for the continued bullish advance of BTC. As per CryptoQuant, the crypto token has experienced substantial sideways price movement and price corrections following a strong bull run in March this year.

However, the subsequent sideways movement led to speculation about the possible conclusion of the Bitcoin bull market. Despite this, the latest analysis suggests a strong anticipation for a massive price surge.

Based on CryptoQuant's metrics, the next bull run is likely to unfold in June this year.

Meanwhile, BTC whales have also resumed their buying spree. CryptoQuant revealed a surge in the thirty-day percentage change in whale holdings. The platform noted that whales are showing increased interest in accumulating BTC at current price levels.