Analyst: Bitcoin indicators suggest that the current phase is more likely a bull market pause rather than the end of the cycle

ChainCatcher news, CryptoQuant analyst Axel posted on social media that the current annualized adjusted MVRV ratio of Bitcoin has reached the 1 range------this means that the short-term average (30 days) is basically on par with the annual average (365 days).

The annualized basis remains positive, and its curve is horizontal, resulting from the mutual offset of two forces: after a strong rise, the 30-day indicator cools down in sync with volatility and profit-taking speed, while the heavy 365-day average still contains the growth momentum of the past few months. The result is that the numerator and denominator move almost in sync, with the difference between them shrinking, and the basis line neither declines nor accelerates upward------the market is substantively digesting the previous gains.

This situation leans more towards a pause in a bullish structure rather than the end of a cycle. As long as the annualized basis does not show a downward reversal, the current situation should be viewed as a balanced state rather than a trend breakdown: the network is reallocating risk from impatient holders to more patient ones, and there are no signs of panic selling.

The market's reaction to the current position in the coming weeks will be crucial. At this stage, what the market needs more is time rather than a reversal in direction.