In a recent interview on the What Bitcoin Did podcast, prominent on-chain analyst Checkmate shared his insights on the current state of the Bitcoin market. Despite a significant decline in sell-side pressure since April, Bitcoin has struggled to sustain its uptrend due to a lack of fresh demand. Checkmate believes that the market needs a catalyst to ignite the next leg of the bull market, and that catalyst could be a deeper price drop.

According to Checkmate, the recent sell-off near all-time highs in April led to a significant reduction in sell-side pressure, which should have made it easier for the bulls to push the price higher. However, the lack of demand has hindered any significant price movement. Checkmate predicts that Bitcoin will need to test lower levels to attract investor interest and gather momentum for the next leg of its bull market.

The analyst believes that markets often require a catalyst to move higher, and that catalyst is usually lower prices. Checkmate suggests that Bitcoin may need to experience a flash crash or a bear market floor to attract marginal buyers and spark a fresh rally. While financial media may attribute the price movement to various reasons, the underlying driver is the lack of demand. Checkmate emphasizes that markets typically need to go down before they can go up, and Bitcoin is no exception.

At the time of writing, Bitcoin is trading at $60,660, and only time will tell if Checkmate's prediction will come to pass. However, one thing is certain - the Bitcoin market is eagerly awaiting the next catalyst to spark the next leg of its bull market.