On-chain analysts predict that the start of phase 2 of the cryptocurrency bull market is imminent.

James Check, lead on-chain analyst at Glassnode, argues that the market is transitioning from the previous “enthusiastic bull” phase to what he calls the “happy bull” phase.

• The passionate upward phase began in October 2023.
• This comes after Bitcoin hit an all-time high above $67,021 in March.

As we look forward to the next phase, Check predicts excitement among investors to rise. Volatility will probably also increase. He predicts a continued upward trend until increased media coverage of Bitcoin increases demand and supply dynamics intervene.

With investors eagerly watching the market’s next moves, Check’s insights provide valuable perspective.