According to Cointelegraph on September 4, a key indicator of Bitcoin has now reached a level that is usually only observed after the asset price reaches a peak, which increases the uncertainty of Bitcoin's future price trend. The number of active Bitcoin (BTC) addresses (representing the total number of active users on the network) has "dropped sharply" since the beginning of 2024. This pattern has historically formed after the price of Bitcoin peaked in the bull market cycles of 2017 and 2021. CryptoQuant pointed out in a research report on September 3 that the price of Bitcoin did not follow the typical downward pattern in previous cycles. Instead, its price has been "swinging sideways in a large range, with no clear direction."