Bitcoin, which reached a new high of over $124,000 in mid-August, has been on a downward trend since then. While some analysts say this could signal the start of a bear market, others argue that it is a healthy correction occurring during the bull phase. The latest updated analysis on this subject came from CryptoQuant analyst Axel Adler. Accordingly, the analyst said that the bear market has not started yet, but Bitcoin is in the final stage of the bull market and the peak may come in October. According to the analysis of Axel Adler, who used the classic halving-bull cycle model in his analysis, Bitcoin entered the final phase of the bull market, 504 days after the previous halving event. Stating that the bull market is still ongoing, the analyst said that Bitcoin remained solid and proved its strength in the face of strong sales. “There was a major sell-off among long-term investors around $70,000 in March, followed by additional selling at $98,000 and $117,000. Despite these sell-offs, institutional investors are currently absorbing the selling volume from long-term Bitcoin holders. This means the bull market is still going strong.” Bitcoin's Peak is in October-November! Finally, Adler noted that the final peak of a bull market typically occurs when the spot price is approximately eleven times the average cost basis of long-term investors, which he pointed to around October and November. “The peak of the bull cycle occurs when the spot price is approximately 11 times higher than the average cost basis of long-term investors. Based on this timing, Bitcoin could reach a new ATH and peak around October-November this year.” *This is not investment advice.