PANews reported on August 4th that CryptoQuant analyst Axel Adler Jr. noted that the Bitcoin bull market has entered its late stages, with investor risk appetite gradually declining. Data shows that the relevant indicator exceeded 1.9 in March and December 2024, but has recently formed a lower peak, and holders have begun to actively sell, putting pressure on the market.

While investors are still profiting, the marginal gains from each price increase are gradually decreasing. Given the Federal Reserve's expected two interest rate cuts this year, he predicts two more rallies in this cycle before selling pressure outstrips demand and the market enters a correction.