[Analyst: Bitcoin Bull Market May Be Nearing Its End] Alphractal founder Joao Wedson stated that Bitcoin has shown signs of cycle exhaustion, with multiple on-chain data points such as the SOPR indicator indicating declining profitability and weakening market rebound momentum, potentially facing a deeper correction. He believes that even if Bitcoin reaches new highs, profitability remains low, institutional investor interest is limited, and the market's focus may shift to altcoins.