Cryptocurrency analytics firm CryptoQuant has determined that the bull market for Bitcoin is still strong despite the recent price correction. The firm's analysis suggests that Bitcoin has not yet reached the top of the market based on onchain fundamentals. The realized price valuation of Bitcoin indicates that the cryptocurrency could potentially reach $146,000 before reaching overvalued levels typically seen at the end of a bull cycle. Additionally, the activity of new Bitcoin investors and individual activity do not currently suggest a market peak. The CryptoQuant tool, the Bull-Bear Market Cycle Indicator, remains in the "BULL" phase and is far from the "EXTREME BULL" phase that historically marks the end of bull markets. However, there is a potential short-term hurdle as MicroStrategy's stock price, which has risen significantly, may experience a correction that could indirectly impact Bitcoin's momentum.



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