According to BlockBeats, CryptoQuant analyst Axel Adler Jr has noted that despite Bitcoin reaching an all-time high, the Bitcoin Price Temperature (BPT) remains at a moderately high level of 2.56, which is below the local peak of 3.57. This suggests that Bitcoin is currently in a 'warm' phase without clear signs of overheating. The price is maintaining above the four-year moving average and its +2σ, confirming a bullish trend.
The primary risk identified is the potential for a regular pullback within the upward trend. A 'late-stage' signal would emerge if the BPT accelerates beyond 3.0.