Crypto Dan, an analyst at CryptoQuant, said in a January 6 article that the bull market, which began in January 2023, is likely to reach a cyclical peak in Quarter 1, 2025, or by the second quarter at the latest. "With a significant influx of new investment and additional funding from existing investors, we can reasonably expect the market to be in the late stages of this cycle right now," the article said. "As a result, significant upside expectations for bitcoin and counterfeit products remain to be expected. Nonetheless, caution is advised from a conservative perspective and with risk management in mind," the post said.