TechFlow reports, Cryptoquant analyst Crypto Dan said the cryptocurrency market remains in a bull market, with Bitcoin's price yet to reach its peak and further upside expected.
In previous bull markets, MVRV peaks were 4.83 and 3.97 respectively; currently it stands at only 2.78, still not entering an overvalued zone, suggesting room for further growth.
After entering an overheated phase in March 2024, Bitcoin has undergone more than two months of sideways consolidation and adjustment, and is likely to see further gains earlier in June.
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