#社区成长值  According to 10-year indicators, Bitcoin may be entering a new bullish phase.

The Bitcoin Cycle Indicator Index (IBCI) tool shows that there is ample room for the bull market to continue.

Despite the all-time highs in the BTCUSD pair, “neutral” signals suggest that the market is at a “definition point.”

Bitcoin’s Puell Multiple metric is trading at lows. This is unusual behavior for the hottest phase of the bull cycle.

Bitcoin (BTC) may be preparing for a “new up leg” as a price tool with a decade-long track record remains bullish.

The Bitcoin Cycle Indicator Index (IBCI) tool shows that the bull market will continue.

Bitcoin price is “at a definition point”

Bitcoin is nowhere near the end of its current bull market; the latest IBCI readings seem to confirm this.

The IBCI, which combines several classic on-chain indicators such as the Puell Multiple and Realized Value/Market Value (MVRV), remains well below the territory traditionally associated with bull market tops.

“The latest update to the Bitcoin Cycle Indicator Index (IBCI) shows the market at a definition point,” he said.

The data is a “continuation” of the bull market that began in early 2023.

“After a strong upward movement between late 2023 and Q1 2024 (when the IBCI reached its distribution zone (above 75%)), the indicator entered a correction following the decline in the BTC price,” the post continued.

“Currently, the IBCI has stabilized in the 50% range, indicating a neutral point in the market cycle.”

The IBCI has maintained a 50 percent level since the BTCUSD broke its previous all-time high of $73,800 last October.

However, unlike the frenzied profit-taking of that episode and the rest of the year, investor behavior is much calmer now, which could open the door to new highs.

“Historically, such equilibrium zones occur between two defining phases: the end of a realization move and the beginning of a new upside leg,”

“The absence of over-exuberance and the gradual recovery in Bitcoin price suggest that the market is in a transition phase, not exhaustion.”

Historical data shows similar patterns emerging on the IBCI in tandem with long-term BTC price peaks.

An unusual Bitcoin peak

A growing set of market metrics suggest that Bitcoin is likely to experience price rediscovery in the future.

Bitcoin’s 112K is not a real peak: 5 factors BTC holders should watch

This includes 30 “bull market top” indicators, none of which are giving red signals despite the BTCUSD pair reaching $112,000.

BTC price targets for the rest of the bull market include $200,000 and above.

In a separate Puell Multiple analysis in recent days, there is an unusual divergence between price and miner revenues.

“Historically, when the Puell Multiple is below 1.0, we define this period as an accumulation or undervaluation phase. This means that the Bitcoin price is not fully reflecting its long-term growth potential,” the indicator is currently at 1.27.

“It is rare for this indicator to remain this low during a period of all-time highs. This could indicate that the market has not yet reached its full euphoria phase. There is room for expansion in both miner revenues and market sentiment.”