Bitcoin’s recent slide from its August high above $124,000 has sparked debate about whether the rally is fading.
Some see the downturn as the first sign of a bear market, but others argue it’s a routine correction within a larger uptrend.
CryptoQuant analyst Axel Adler falls firmly in the latter camp. Using Bitcoin’s historical halving cycles as a guide, Adler says the market is now in the last leg of the bull run — a phase that typically concludes more than 500 days after a halving event. By his estimate, the final peak could arrive between October and November.
Adler points to selling activity from long-term holders earlier in the year, with major exits recorded near $70,000, $98,000, and $117,000.
While those sell-offs created pressure, he notes that institutions have been stepping in to absorb the supply. For Adler, that’s evidence the bull market is intact, even if momentum has slowed.
Historically, Bitcoin’s ultimate bull-market top comes when prices trade at roughly 11 times the average cost basis of long-term investors. If that pattern holds, Adler believes a new all-time high could form within the next two months, before the cycle finally rolls over.
For now, the market sits in a zone of uncertainty — with traders weighing whether the August retreat marks exhaustion or simply the setup for Bitcoin’s last, euphoric run higher.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/bitcoin-bull-market-nears-final-stage-says-cryptoquant-analyst/