ChainCatcher message, CryptoQuant analyst Axel Adler Jr tweeted that, despite Bitcoin prices reaching an all-time high, the BPT indicator remains at a moderate level of 2.56, lower than the previous local high of 3.57.

At the same time, the Realized P&L Ratio is still at an average level, indicating that the current market state has relatively lower risks compared to previous overheated periods. Technically, prices are maintaining above the 4-year moving average and its two standard deviations, confirming the continuation of the upward trend.

The analyst points out the need to be cautious of the typical pullback risks in an upward trend, while a BPT breakthrough at 3.0 could indicate that the market is entering a later stage.