Analysts: Bitcoin's rebound is still a correction; on-chain data has not yet confirmed the start of a new bull market.

CoinFeed reported on May 10th that on-chain analyst Axel Adler Jr. stated that although Bitcoin rebounded after falling from approximately $125,000 to $60,000, the current trend is still considered a "correction after the decline," and a new bull market cycle has not yet been confirmed. On-chain data shows that several key indicators have not yet entered the historical bear market bottom range, including the "loss-making supply ratio" and 90-day UTXO-related indicators, which do not yet show a sufficient cyclical bottom structure. At the same time, "Long-Term Realized Supply" has not shown the accumulation pattern typical of the end of a bear market, indicating that the market has not yet entered a deep reallocation phase.