PANews reported on May 10 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 has not yet confirmed the start of a new bull market cycle.

From on-chain data, several key indicators have not yet entered the range corresponding to the bottom of historical bear markets. These include the "percentage of loss-making supply" and related indicators of 90-day UTXO, 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.