[Analyst: Bitcoin is About to Enter a Bull Market, but the Rally is Mainly Driven by Futures Leverage] BlockBeats News, September 4 – CryptoQuant analyst Axel Adler Jr. stated that Bitcoin is nearing the threshold of entering a bull market. Over the past 24 hours, the price of BTC has risen by 3.9%, with open interest increasing by approximately 11,200 BTC, a growth of 3.4%, indicating that the momentum of this upward movement mainly comes from the derivatives market. Data shows that open interest surged by 15,200 BTC within six hours, and the leverage flow pressure index rose to 63; for 15 of the past 24 hours, there was a net increase in long positions. Axel pointed out that if the rally were primarily driven by short covering and liquidations, open interest would typically decrease. However, in this case, it has significantly increased, suggesting that new futures leverage is the main driver of the price rise. His one-year model has not yet officially transitioned into bull market status. A confirmation signal would require Bitcoin's daily close to remain above the model's dynamic threshold and hold that level without rapid leverage unwinding. The main risk lies in the sudden liquidation of accumulated leverage, which could lead to a market reversal. [Original Link]