[Analyst: Bitcoin's rebound still a corrective movement, on-chain data has yet to confirm the start of a new bull market] On-chain analyst Axel Adler Jr stated in an article that although Bitcoin has rebounded after falling from approximately $125,000 to $60,000, the current trend still belongs to a 'post-decline correction' and has yet to confirm the beginning of a new bull market cycle. From the perspective of on-chain data, several key indicators have not yet entered the historical bear market bottom range. These include the 'percentage of supply in loss' and 90-day UTXO-related indicators, which still do not show a fully cyclical bottom structure. Additionally, the 'Long-Term Holder Realized Supply (LTH Realized Supply)' has not exhibited the typical accumulation pattern seen at the end of bear markets, indicating that the market has not yet entered a deep reallocation phase.