Bitcoin's latest rally seems to be losing momentum. Trading below $72,000, the cryptocurrency is up about 20% from May 2024 lows. However, analysts are concerned about the sustainability of this uptrend.

One analyst on X noted that this might be the weakest bull run in Bitcoin's history. The Market Value to Realized Value (MVRV) ratio, a key metric, shows a tepid performance compared to previous bull markets in 2021 and 2017.

Historically, extreme highs in the MVRV ratio have marked market tops.

The current levels suggest that BTC investors may be overpaying. That might mean a potential end to the rally in the near future.

Two scenarios could unfold. The current trend could falter, making this the weakest bull run in 15 years, or it could be a prelude to further gains. For the latter, traders need to show strong commitment and a shift in sentiment.

Several factors might support Bitcoin. Increased demand for spot Bitcoin ETFs and anticipated Financial Accounting Standards Board (FASB) rule changes could drive institutional adoption and prices higher.

Despite the weak price action, these fundamentals could push Bitcoin to new highs. For now, traders remain cautious, watching for signs of a stronger rally.