Bitcoin Bulls Show Remarkable Resilience, But Investors Debate How Long the Run Can Last

• Bitcoin's current bull run is one of the most robust in history, with less than 20% drawdown since November 2022 • Past bull cycles saw 30-60%+ temporary drawdowns, so this run has been unusually steady • Long-term holders have sold 735,000 BTC since December, cashing out at new highs • Bitcoin's MVRV ratio shows investors feel inclined to take profits around current prices • However, new investors are buying up sold coins at higher prices, signaling more room for growth