The crypto market has seen significant milestones in 2024, such as the approval of the Bitcoin ETF and the end of the prolonged crypto downturn. However, with Bitcoin's recent drop from $73,750 to $62,895, traders are uncertain about the market's direction. Questions arise: Is the bullish trend over, or is it entering a correction phase? Analyzing popular on-chain data provides insights.

Presently, there's no definitive sign indicating the end of the bull run. Historically, Bitcoin has surged beyond previous all-time highs during its cycles. With Bitcoin's fourth halving scheduled for April, expectations lean towards another positive market phase.

Several factors suggest an optimistic outlook:

1. Bitcoin's supply has decreased by almost 40% over the past four years, as traders buy and hold more BTC than is mined. Decreased supply often leads to increased value.

2. The Net Unrealized Profit and Loss (NUPL) indicator shows a "greedy" sentiment, with most traders holding positions in profit, anticipating further gains.

3. Despite the recent correction, there's minimal selling pressure in the market.

4. Short-term sell pressure is expected to increase, while overall flows remain bullish, even during corrections.

5. The Market Cap to Realized Cap ratio (MVRV) has cooled off after facing minor resistance at 2.8.

Additionally, indicators like the Coinbase app's global ranking dropping from under 200 to 500 and a decrease in Google Trends for Bitcoin after hitting a three-year high reflect a shift in market sentiment.