According to on-chain analyst Axel Adler Jr, Bitcoin has rebounded from $60,000 after falling from approximately $125,000, though key on-chain indicators have not yet confirmed entry into a new bull market cycle as of May 10. Multiple metrics—including the percentage of loss-making supply and 90-day UTXO indicators—have not shown the cyclical bottom structure typically seen at bear market lows, and long-term holder realized supply has not displayed the typical accumulation pattern of late-stage bear markets, suggesting the market has not yet entered a deep reallocation phase.
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