The BTC Velocity, a turnover rate indicating the circulation of Bitcoin in the market, is currently at its lowest level since August 2020 and continues to decline. Historically, bull markets have started after forming similar lows, such as in January 2015 and September 2020. However, with the velocity still rapidly decreasing and the historical low not yet reached, it might take longer for a strong bull market to emerge.

Additionally, the Average Dormancy metric has risen noticeably, suggesting that long-term BTC holders are selling to make a profit. Interestingly, during the 2023 rally, Dormancy remained high despite a sharp drop in Velocity. Currently, the price is below 2021 ATH levels, but long-time BTC holders are taking advantage of the rally and changing hands.

Considering the atrophied market psychology, falling turnover rate, and old hands changing hands, it seems to be a somewhat difficult condition for a strong rise to appear right now. However, the overall market sentiment remains optimistic, and the potential for a bull market is still present.