According to CryptoQuant analyst, we are not at the peak of the crypto bull yet.
CryptoQuant’s analyst Crypto Dan stated that we may be in the middle of a bull market. The analyst, based on the number of active Bitcoin addresses, said that this active address data has increased twice over a cycle, in which the first represents the exit from a bear market, and the second represents the peak of a bull market.
He pointed out that the increase in the number of active addresses last year clearly turned the cryptocurrency industry from bear to bull, and the current increases in the active address count are not indicative of over-heating yet.
The analyst, who thinks that the bull can continue until the increase in the number of active addresses gains momentum and enters the overheating zone, stated the following details in his explanation:
The number of active addresses rises twice in a cycle; the first when the bear market ends and the bull market begins, the second when the market approaches the peak of the bull market. At the beginning of 2023, the market escaped from the bear market with the rise of this indicator. At the moment, it can be considered that we are in the middle of a bull market. In the end, as the number of active addresses rapidly increases and approaches the overheating zone (red-dotted line), the cryptocurrency market will reach the end of the bull market. But not yet.
