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With Bitcoin reaching up to $73,000 in March, recording all-time highs, its pullback raised questions about whether the bull season has ended. A recent report indicates that the crypto bull season is far from over.

TURKEY - Since the beginning of the year, Bitcoin has gained over 50% in value and reached levels of $73,000 with a significant surge in March, pulling back from its all-time high. Seeing a dip to $62,000 before slightly recovering to a level of $65,000, these declines brought up the question, 'Is the Bitcoin bull season over?' A report published last week by the on-chain intelligence firm CryptoQuant reassured investors, noting that based on investment flows into Bitcoin, the bull season is still far from its end.

Gate.io Global Growth Director Kafkas Sönmez shared his insights on the report, stating, 'The report considers the relatively low investment flow from new investors and price valuation measurements being below levels seen at previous peaks. A bull cycle is considered over when 84% to 92% of cash flow comes from new investors, whereas, in Bitcoin, this rate is currently at 48%.'

Compared to the 2019 correction

The report highlighted that cash flows from new Bitcoin investors account for less than 50% of total money inflows. This suggests that the Bitcoin bull season is not over and is far from ending. The report considered the recent pullbacks in Bitcoin as a correction.

Kafkas Sönmez noted the similarity to movements seen in 2019, saying, 'Bitcoin experienced a significant correction four years ago as well, with a value loss of up to 52%. Bitcoin, trading at levels of $12,000 in late June 2019, has gained over 400% in value since that day. We find it critical for investors to consider the pullback in Bitcoin as a realization of record profits and to remain hopeful about the market's future.'

1,500 people become millionaires every day during the bull season

Kafkas Sönmez also reminded that the profit from exits aimed at realizing gains in Bitcoin exceeded $3.5 billion, reaching an all-time high, saying, 'In the weeks when Bitcoin touched 73 thousand and Ethereum 4 thousand dollars, a report published showed, using wallet data, that the Bitcoin bull season was making 1,500 people millionaires every day. Although it's unclear who these individuals or whether they are persons or institutions due to the privacy of wallets, it's identifiable that Bitcoin facilitated significant gains in a short period. However, the growth of Bitcoin millionaires is slow, with whale profit moves and new investors not having been introduced to Bitcoin yet being the main reasons. Nevertheless, the latest bull run has brought 4,000 investors to a fortune of over $10 million.'

'The countdown to halving begins'

Gate.io Global Growth Operations Director Kafkas Sönmez also mentioned that there are less than 30 days left for the halving event expected in mid-April, which is anticipated to halve mining rewards, concluding his remarks with: 'The halving means a direct contraction in the supply of Bitcoin. If Bitcoin continues to be priced at these levels, i.e., lower than the recent peak, it becomes possible to make more predictions about the impact of the halving event on prices. Alongside on-chain data, macroeconomic easing signals and upwardly revised US economic growth forecasts also increase the potential for growth in the value of the world's largest cryptocurrency. At Gate.TR, we list over 140 popular currencies, including BTC, in TRY and offer a crypto asset abundance not available with our competitors. Despite short-term fluctuations, everyone wanting to enter the crypto ecosystem can easily open an account at Gate.TR.