CryptoQuant: The Bitcoin bull market is not over yet
The report from CryptoQuant shows that the Bitcoin bull market is not over yet, with relatively low capital inflows from new investors and price valuation indicators still below past market peak levels. 48% of Bitcoin investments come from short-term holders, a ratio similar to mid-2019 levels. According to CryptoQuant analysts, "bull markets typically end when new investors reach an investment share of 84% to 92%". The market has not yet reached its peak area but is expected to enter a bull phase. In addition, the upcoming Bitcoin halving event is seen as an important factor supporting Bitcoin prices. Standard Chartered Bank predicts that the price of Bitcoin could reach $150,000 in 2024 and hit a cycle top of $250,000 in 2025.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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