Crypto Bull Market Reaches Euphoria Phase: Brace for Wild Price Fluctuations

According to Glassnode's leading on-chain analyst, James Check, the crypto bull market is transitioning into its second and final phase, characterized by euphoria and sharp price movements. The enthusiastic bull phase, which began in October 2023, has concluded following Bitcoin's recent all-time high. Check anticipates that the euphoric bull phase will be marked by increased excitement and volatility, driven by heightened media coverage and growing demand.

Crypto Bull Market Enters Euphoria Phase, Sharp Price Swings Expected

The highly anticipated crypto bull market has entered its second and final phase, characterized by an atmosphere of euphoria and significant price volatility, according to James Check, lead on-chain analyst at Glassnode.

"We are transitioning from the enthusiastic bull, which is below the all-time high, generally speaking, into the euphoric bull," Check stated exclusively to Cointelegraph.

The enthusiastic bull phase began in October 2023 and culminated with Bitcoin (BTC) reaching an all-time high in March. Check now anticipates a period marked by heightened excitement, fueled by increasing media coverage and a resulting surge in demand.

"Increased coverage of Bitcoin in the news will lead to increased demand," Check asserted. "The price will rise until supply comes back on the market to satisfy it."

Despite the current bull run's impressive strength, Check highlighted the resilience and quick recovery displayed by the market during minor corrections. "The market just seems to find support very quickly, and this is obviously a good sign," he remarked.

Check's on-chain analysis reveals that the current bull market is historically significant, featuring sustained upward momentum with minimal drawbacks.

"Throughout this bull market, we have had a number of strong pullbacks," Check explained. "But every time price has pulled back, we have found support quickly, which indicates the strength of this bull market."

Check's insights underscore the profound impact that on-chain analysis can have in unraveling the complexities of the crypto market. By examining blockchain data, analysts can gain valuable insights into investor behavior, supply and demand dynamics, and the overall health of the market.

To delve deeper into Check's analysis and his predictions for the next phase of Bitcoin's bull market, tune in to the full interview on Cointelegraph's YouTube channel. Subscribe today to stay up-to-date on the latest developments and expert insights in the rapidly evolving crypto landscape.