Bitcoin has surged over the past few months, experiencing significant price volatility and attracting a lot of attention from investors and the general public. Although the cryptocurrency hit an all-time high near $65,000 in mid-April, it has since undergone a massive price correction, with the value dropping by more than 50%.

Despite this correction, several on-chain indicators suggest that Bitcoin is still in the early stages of a bull market and that its price will continue to rise in the coming months. However, there are also concerns that the cryptocurrency could retest the $25,000 level before resuming its upward trajectory.

One of the key indicators that Bitcoin is still in the early stages of a bull market is the network's hash rate. This refers to the amount of computing used to validate transactions and secure the network. When the hash rate is high, it shows that there is a lot of interest in Bitcoin and that miners are investing significant resources into the network.

At the time of writing, Bitcoin's hash rate is hovering around 150 exahashes per second (EH/s), still near its all-time high of 180 EH/s. This shows that there are still a lot of people interested in Bitcoin mining and that the network is still functional and safe.

Another important on-chain indicator that Bitcoin is still in the early stages of a bull market is the number of active addresses. This refers to the number of unique addresses that are actively sending or receiving bitcoins on the network. When this number is high, it shows that there is a lot of activity on the network and more and more people are participating in the Bitcoin ecosystem.

At the time of this writing, the number of active addresses hovers around 1.1 million, still significantly higher than at the start of the year. This shows that there is still a lot of interest in Bitcoin and that more and more people are entering the crypto ecosystem.

However, there are also concerns that Bitcoin could retest the $25,000 level before resuming its upward trajectory. Indeed, this price level has acted as strong support in the past, and many traders believe that Bitcoin will need to retest this level before it can resume its upward trajectory.

While this is certainly a possibility, it is important to note that on-chain indicators suggest that Bitcoin is still in the early stages of a bull market and that its price will continue to rise in the coming months. Therefore, bears should be careful not to assume that Bitcoin will simply continue its downward trajectory.

Overall, while Bitcoin's recent price volatility has certainly raised concerns among some investors, on-chain indicators suggest that the cryptocurrency is still in the early stages of a bull market. While there are certainly risks to investing in Bitcoin, those willing to take those risks are likely to reap substantial rewards in the months and years to come.

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