PANews reported on March 8th that CryptoQuant analyst Axel stated in an article published on the X platform that Bitcoin may have entered the middle stage of this bear market cycle. The NUPL-MVRV harmonic composite indicator has reached 0.33, while historical cycle bottoms usually appear in the range of around -0.5. The chart shows that the bear market cycle is beginning to show an upward trend, indicating that the extreme selling situation is becoming more moderate. However, the indicator is still far above the historical bottom area, which means that a full-scale market sell-off has not yet been confirmed.