The murderer is Adam, and the nosebleed at the end is to make it clear to the audience who the murderer is. Why do killers get nosebleeds when they kill? I don't get it either.
If the scene where the murderer of the dance party was rejected at the beginning of the film was transplanted to the end of the film, so that the murderer's motives were explained in reverse order, would it strengthen the suspenseful effect of the film? The answer to the mystery is revealed at the beginning of the film, which reduces the suspense of the film.
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