The Bitcoin price is heavily in the red today, but according to one popular on-chain analyst, the second phase of the bull market is about to begin. It concerns James Check, who works for Glassnode under the pseudonym Checkmate.
Second phase of the bull market
James Check is Glassnode’s lead on-chain analyst. “We are transitioning from an enthusiastic bull, which is normally still below the all-time high, to a euphoric bull,” he said in conversation with Cointelegraph on YouTube.
According to Check, the “enthusiastic phase” of the bull market began in October 2023 and ended upon reaching the all-time high in March.
According to Check, the next phase will be characterized by people’s growing enthusiasm, which will be accompanied by more volatility.
“The increase in Bitcoin articles in the news will increase demand. The price will rise until supply returns to the market to meet demand,” said James Check. For the time being, there appears to be more supply than demand, because Bitcoin is having difficulty regaining the $70,000 mark.
Strongest bull market ever for Bitcoin
Furthermore, James Check notes that Bitcoin’s current bull market is “the strongest in the history” of the digital currency.
“The market seems to find support very quickly every time, which is clearly a good signal,” said Check. Bitcoin now seems to be stabilizing somewhat again, after the price fell by several thousand dollars in the night from Monday to Wednesday.
At the time of writing, Bitcoin is almost at $67,000 again and the bulls appear to be fighting back.
Clearly more is needed to truly continue the bull market. For example, a new revival of the Spot Bitcoin ETFs, which have achieved somewhat disappointing results in recent times. This week also kicked off with an outflow of almost 100 million dollars.
