The crypto bull market is about to transition into its second and final phase, which will be characterized by euphoria and sharp price movements, 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,” he said in an exclusive interview with Cointelegraph.

According to Check, the enthusiastic bull phase started in October 2023 and concluded after Bitcoin (BTC) reached an all-time high earlier in March.

Check said the next phase will be marked by people getting “more and more excited,” which will be accompanied by higher volatility. “Increased coverage of Bitcoin in the news will lead to increased demand,” he said.

“The price will rise until supply comes back on the market to satisfy it,” he stated.

Check noted that the current bull market has been among the strongest in Bitcoin’s history, given the smaller corrections throughout the rally. 

“The market just seems to find support very quickly and this is obviously a good sign,” he said.

To find out more about what on-chain analysis can tell us about the next phase of Bitcoin’s bull market, check out the full interview on Cointelegraph’s YouTube channel — and don’t forget to subscribe!