CryptoQuant analyst: Bitcoin bear market may have entered the mid-term stage

CryptoQuant analyst Axel posted on the X platform that bitcoin may have entered the mid-term stage of the current bear market cycle. The NUPL–MVRV harmonic composite indicator has reached 0.33, while historical cycle bottoms are usually around the 0.5 range. The chart shows that the start of the bear market cycle is moving upward, and extreme sell-off situations are becoming milder, but the indicator is still above the historical bottom area, and a full-scale sell-off has not yet been confirmed.