According to BlockBeats, a report released by cryptocurrency data analysis firm Glassnode on April 12 suggests that the current frenzy phase of the Bitcoin bull market, also known as the price discovery phase, may just be beginning. Glassnode pointed out that in previous frenzy phases, Bitcoin's price experienced multiple retractions of more than 10%, with most retractions being even larger, and retractions of 25% or more being quite common. However, in this cycle, since Bitcoin broke its historical high, there have only been two corrections of approximately 10%.
Glassnode's analysis provides a fresh perspective on the current state of the Bitcoin market. The report's findings suggest that the current bull market may still be in its early stages, despite Bitcoin's recent record-breaking performance. This could indicate that there is still significant potential for further growth in the Bitcoin market.
The report also highlights the relative stability of the current Bitcoin market, with fewer large-scale price retractions compared to previous cycles. This could be a sign of increasing maturity and stability in the Bitcoin market, which could potentially attract more investors and further fuel the ongoing bull market.