According to Odaily, CryptoQuant researcher Axel Adler recently released a report focusing on two key indicators: the Bubble vs. Crush market structure and the MVRV Z-score, as signals that Bitcoin's current price trend is developing healthily. Adler noted, 'We can see that the current bull market cycle is developing quite steadily, with no significant anomalies or sharp jumps.' He emphasized that the first indicator has dropped to 1.02 points, which he considers the 'baseline,' indicating that Bitcoin is not currently experiencing a bubble. A market bubble forms when Bitcoin's market capitalization growth rate exceeds its realized capitalization. When Bitcoin reached its all-time high of $73,679, this indicator showed a bubble with a score of approximately 1.5. Additionally, Adler pointed out that Bitcoin's 30-day moving average (DMA) MVRV Z-Score is 1.8, slightly above the annual average level of 1.6, suggesting the 'lowest degree of overvaluation.'