Analysis: Under the risk appetite in the late stage of Bitcoin bull market, there will be two more rebounds in this cycle

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 lower peaks, and holders have begun to actively sell, putting pressure on the market. Although investors are still profiting, the marginal gains from each price increase are gradually decreasing. Considering the Federal Reserve's expected two interest rate cuts this year, he predicts two more rallies in this cycle, after which selling pressure may outstrip demand, and the market may enter a correction.