At what stage is bull in Bitcoin? Are we approaching the end, or just starting?

At what stage of the bull are we in the world's largest cryptocurrency, Bitcoin? Are we approaching the end of the bull? Here is the analyst's forecast.
According to Empire analyst Jason Yanovitz, current Bitcoin price levels are largely based on large Bitcoin purchases from MicroStrategy, while venture capital (VC) has not yet entered the market on a large scale.
Yanowitz, noting that the current Bitcoin cycle may still be in its early stages, excluding the total amount of Bitcoin purchases exceeding $20 billion since the end of last year, when it was known as MicroStrategy(.
Stating that the market is still in a 'player versus player' PvP stage at the moment, MicroStrategy indicates that corporate adoption remains limited. Den Matusevych of CMS Holdings emphasized that the market impact in January 2022 is still being felt, leading to low market liquidity and a lack of large capital investments.
Matusevsky said, 'Currently, apart from a few selected goals, we have not seen significant VC entry into the cryptocurrency market'.
As the Bitcoin cycle evolves, the discussion on whether the market has peaked is likely to intensify. However, Matushevsky said that new regulatory frameworks are only beginning to take shape, and their implementation may become a catalyst for corporate investment in the future.
Not an investment recommendation