What Stage of the Bull Are We in Bitcoin? Are We Approaching the End, or Are We Just Getting Started?

At what stage are we in the bull market for the world's largest cryptocurrency, Bitcoin? Are we approaching the end of the bull market? Here is the analyst's prediction.
According to Empire analyst Jason Yanowitz, Bitcoin's current price levels largely rely on MicroStrategy's massive Bitcoin purchases, while venture capital (VC) has not yet entered the market on a large scale.
Yanowitz emphasized that, excluding the total of 20 billion dollars in Bitcoin purchases since the end of last year, which was previously known as MicroStrategy, Bitcoin's current cycle may still be in its early stages.
Dan Matuszewski from CMS Holdings reiterated that the impact of the 2022 bear market is still ongoing, leading to low market liquidity and no significant capital inflows, stating that the market is still in a 'player vs. player' (PvP) stage, beyond MicroStrategy's aggressive buying, suggesting that institutional adoption remains limited.
Matuszewski said, “Right now, we haven’t seen a significant VC entry into the cryptocurrency market, apart from a few select targets.”
As the cycle of Bitcoin progresses, discussions about whether the market has reached its peak are likely to intensify. However, Matuszewski said that new regulatory frameworks are still taking shape and their implementation could serve as a catalyst for institutional capital inflows in the future.
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