There are two crimes here.
The far lesser one is attempted theft of a bicycle.
I would be interested to know what actually happened after this incident. The victim seems to have a very good case against his assailant.
Red mist or not, you cannot go throwing punches at someone's face unless they are posing a threat to you or someone unable to defend themselves.
If the Police did it do you think they would get away with it, given the video evidence?
The guy carrying out the assault in this video has a problem.
Someone tried to steal his bicycle.
I am sure the same guy would be dragging someone out of a car for cutting him up, this is a violent man waiting for an opportunity.
He had plenty of opportunity to get a hold of himself before the last punch he threw.
I intervened in a similar situation recently, one of my friends was using excessive force to illegally detain someone. Luckily they listened to me, and saved themselves from a criminal record.