Despite undergoing a notable 13% price decline over the past two days, Bitcoin is still riding a robust bull cycle, as per a recent analysis by data analytics firm, CryptoQuant. The price drop from its peak of $73,835 is attributed to heightened market conditions and is interpreted by analysts as a 'pre-halving retrace' in anticipation of the impending Bitcoin halving event, expected in approximately 30 days.

CryptoQuant's report scrutinizes investment flows and price valuation metrics to assess the strength of the Bitcoin bull cycle. Currently, 48% of Bitcoin investments originate from short-term holders. According to CryptoQuant, a full bull cycle typically concludes when this figure reaches between 84% and 92%. The relatively low level of new investment flows suggests that the bull cycle is far from its culmination.

Furthermore, the report juxtaposes current valuation metrics with those observed at past market peaks, yielding similar conclusions. The company's Profit and Loss (PnL) index, a compilation of on-chain indicators of Bitcoin's profitability, hovers just below levels witnessed during the 2013, 2017, and 2021 bull runs, reinforcing the anticipation of a sustained bull cycle.

Apart from these insights, the imminent Bitcoin halving event is anticipated to provide a substantial boost to Bitcoin's value, leading to a parabolic uptrend. This event entails a 50% reduction in Bitcoin mining rewards, historically resulting in a significant surge in Bitcoin's price.

Additionally, Standard Chartered Bank has revised its forecast for Bitcoin's price from $100,000 to $150,000 in 2024. The bank attributes the revised estimate to greater-than-expected price gains in 2024 and predicts that Bitcoin's price could soar to $250,000 in 2025 before stabilizing around $200,000.