An on-chain analyst named James Check has stated that the crypto bull market is entering its second and final phase. This phase will be characterized by intense excitement and significant price fluctuations.

Check mentioned that the initial "enthusiastic bull" phase, which occurred before reaching the all-time high, is now transitioning into the "euphoric bull" phase. The enthusiastic bull phase started back in October 2023 and came to an end when Bitcoin hit a record high in March.

In this upcoming phase, investors can expect increased excitement leading to higher volatility in the market. Check predicts that with more media coverage, the demand for Bitcoin will rise, resulting in increased prices. The price of Bitcoin will keep climbing until the market supply balances out the demand.

Besides, Check highlighted the strength of the current bull market, describing it as one of the most robust in Bitcoin's history. He pointed out the minimal corrections during the rally and the speedy support found by the market as positive indicators.

For more insights into the upcoming phase of the crypto bull market based on on-chain analysis, keep an eye out for future updates.