Overview

• On-chain analyst James Check outlines three phases for Bitcoin — adoption (2011–2018), adolescence (2018–2022) and maturity (2022–present) — with the 2017 peak and 2022 bottom marking key transitions.
• The thesis argues long-term behavior is increasingly shaped by adoption trends, market structure and institutional liquidity rather than by the four-year reward cuts.
• Glassnode reiterated on Aug. 20 that realized profits and rising distribution suggest a late-stage bull phase with elevated sell-side pressure.
• CryptoQuant reports the 30‑day average of Bitcoin inflows to exchanges at the lowest level since May 2023, a data point interpreted as reduced immediate selling supply.
• Price commentary places Bitcoin near $111,200 with support around $108,000–$110,000 and resistance near $120,000–$126,000, emphasizing short-term risk management as volatility cools.