On May 2nd, CryptoQuant analyst Axel Adler Jr. wrote on X that the model of Adjusted Realized Price Bands, calibrated based on the current circulating supply volume of Bitcoin, indicates that a drop in Bitcoin to the key range of $59,000 will be considered the start of a real medium- and long-term bottom formation.

Bottom formation is not a short-term process that will be completed within one or two weeks, but a baseline scenario that is expected to take about 6 months.
Axel Adler Jr. emphasized that although Bitcoin has recently risen, the real factor contributing to market stabilization is not a recovery in sentiment or a local rebound, but the return of long-term real demand, meaning the bottom can only be truly established when the market begins to reassess future value and spot purchases recover sustainably.