CryptoQuant analyst: Bitcoin bear market may enter mid-term stage

CryptoQuant analyst Axel posted on X platform that Bitcoin may have entered the mid stage of this bear market cycle, with the NUPL-MVRV harmonic composite index touching 0.33 and the historical cycle bottom typically in the range of about 0.5. The chart shows that the bear market cycle is beginning to shift upwards, and the extreme selling situation tends to be moderate, but the indicator is still above the historical bottom area, and the comprehensive selling has not been confirmed yet.