CryptoQuant, a famous on-chain analytics providing platform, has recently discussed the possibilities for Bitcoin to see a prolonged bull market. The platform took to its official account on the social media platform X and asserted that the bull market of Bitcoin has not yet concluded. It provided a historical analysis of the top crypto token to justify its stance.

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. As per the company, the respective scenario points toward a positive scenario for the top crypto. It added that the current spot of MVRV highlights that the chief crypto coin is still outside the overvalued zone.

While keeping in view that the token has not moved in the overvalued, the community can expect more price rises. In this respect, the platform also shared a post on its official web portal to provide more insights. In its blog post, it brought to the front that the crypto token has significant room to rise further in terms of price. The respective situation reportedly indicates that Bitcoin has not yet reached the end of its bull market.

Such statistics are quite optimistic for the further progress of BTC. According to CryptoQuant, the crypto token has been going through a substantial sideways price movement. In addition to this, it has also been experiencing several price corrections. This all took place after Bitcoin witnessed a huge bull run in March this year.

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Nonetheless, the subsequent sideways movement gave rise to many speculations regarding the potential conclusion of the Bitcoin bull market. Even then, the latest analytics specify that there is a high expectation for the token to go through a massive rise. In line with the statistics of CryptoQuant, the respective bull run will most likely occur in June this year.

Whales Recommence Their Buyout Spree with Growing Interest in BTC Accumulation

Simultaneous to this, the BTC whales have recommenced their buyout spree. CryptoQuant disclosed a spike in the thirty-day percentage change concerning the holdings of the whales. It asserted that the whales are taking more interest in collecting BTC at the present price levels.