On August 21, CryptoQuant researcher Axel Adler focused on two key indicators in a recent report: Bubble vs. Crush market structure and MVRV Z-score, as signals that the current price movement of Bitcoin is moving in a healthy direction. Adler added: "We can see that the current bull cycle is progressing fairly steadily, with no obvious anomalies or big jumps." He emphasized that the first indicator had fallen to 1.02 points, which he considered "the baseline", indicating that Bitcoin is not currently experiencing a bubble. Bubbles form when Bitcoin's market cap "grows faster" than its realized capitalization. When Bitcoin reached an all-time high of $73,679, the indicator suggested a bubble, scoring around 1.5. It also pointed out that Bitcoin's 30-day moving average (DMA) MVRV Z-Score is 1.8, slightly higher than Bitcoin's annual average of 1.6, indicating "the lowest level of valuation overvaluation".