According to BlockBeats, Bitcoin researcher Axel Adler Jr. has stated that current on-chain indicators suggest the price cycle reflects healthy consolidation rather than the onset of a bear market. Adler Jr. highlighted that Bitcoin has not yet entered the 'overheated' zone in this cycle, as evidenced by the investor price model.
This model, which combines realized market value, investor price, and Bitcoin supply data, issued sell signals twice in 2021. Using the Cumulative Value Days Destroyed (CVDD) indicator, Adler believes the market remains in a 'growth phase.'
The CVDD indicator monitors the selling activity of long-term holders. In the current bull market, a sell signal was triggered only once in March 2024. In a Substack article, Adler noted, 'Considering the current market dynamics, once Bitcoin surpasses the critical peak level of $123,000, there could be profit-taking by seasoned investors, exerting downward pressure on the price.'
Based on this analysis, Adler Jr. predicts that Bitcoin could rise to $130,000 within 90 days.