On March 25, Bitcoin researcher AXEL Adler Jr. stated that according to on-chain metrics, the current price cycle reflects a healthy consolidation, not the beginning of a bear market. Adler Jr. pointed out that BTC has not yet entered the "overheated" zone in this cycle, which can be seen from the BTC investor price model.

This indicator issued sell signals twice in 2021, and the model combines realized market capitalization, investor price, and Bitcoin supply data.

Using the Cumulative Value Destroyed Days (CVDD) indicator for Bitcoin, Adler believes the market is still in the "growth stage".

The CVDD indicator is used to monitor long-term holders' selling activities. The current bull market has only triggered a sell signal once in March 2024. In a Substack article, Adler stated: "Considering the current market dynamics, once Bitcoin breaks through the key peak level ($123,000), experienced investors may take profits, thereby exerting downward pressure on the price."

Based on the above analysis, Adler Jr. predicts that Bitcoin may rise to $130,000 within 90 days. (Cointelegraph)