CryptoQuant analysts believe that the bull market cycle of Bitcoin is not yet over because the price valuation indicator is still far from the peak of the previous bull market. After reaching a historical high of $73,700, Bitcoin entered a price correction period, and miners, "whales," and other market participants, including large investors, began to sell their Bitcoin holdings to make a profit. CryptoQuant also found that the unrealized profit ratio soared to 69%, the highest level since March 2021 when BTC's trading price was around $60,000. Despite traders selling off their assets, the unrealized profit ratio remains as high as 47%.