CryptoQuant: Bitcoin bull run enters mature stage, peak may occur between October and November.

PANews, September 9, according to CryptoQuant analyst Axel Adler Jr., it has been 504 days since the last Bitcoin Halving, and the current market is in a mature stage of a bull run. During this cycle, the Bitcoin price reached a peak of $70,000 in March, experiencing an extreme Value Destruction Day (VDD), followed by two moderate distribution waves around $98,000 and $117,000, but did not reach the extreme levels of March. This segmented selling behavior of long-term holders (LTH) indicates that market redistribution is more sustainable due to institutional demand. The final judgment of the cycle peak requires waiting for the appearance of the "peak flag" indicator, which is typically triggered when the spot price is about 11 times the price realized by long-term holders, expected to possibly appear as early as October to November 2025. Attention should also be paid to the large-scale spending wave of experienced holders and the emergence of short-term volatility peaks.