Key points:
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The Index Bitcoin Cycle Indicators (IBCI) tool from CryptoQuant shows that the bull market has plenty of room to run.
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“Neutral” readings come despite all-time highs on BTC/USD, with the market at a “point of definition.”
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Bitcoin’s Puell Multiple metric is circling lows, unusual behavior for the hottest phase of the bull cycle.
Bitcoin (BTC) is due a “new upward leg” as a BTC price tool with a decade-long track record stays bullish.
New data from onchain analytics platform CryptoQuant shows the Index Bitcoin Cycle Indicators (IBCI) tool calling for bull market continuation.
Bitcoin price at “point of definition”
Bitcoin is far from done when it comes to its current bull market, the latest IBCI readings appear to confirm.
IBCI, which combines various classic onchain indicators, including the Puell Multiple and Market Value to Realized Value (MVRV), remains well below the zone, which traditionally corresponds to bull market tops.
“The recent update of the Index Bitcoin Cycle Indicators (IBCI) shows a market at a point of definition,” CryptoQuant contributor Gaah wrote in one of its “Quicktake” blog posts on Tuesday.
Gaah described the data as signaling a “continuation” of the bull market, which began at the start of 2023.
“After the strong upward movement between the end of 2023 and the first quarter of 2024 — when the IBCI reached the distribution region (above 75%) — the indicator went through a correction following the fall in the price of BTC,” the post continued.
“Currently, IBCI has stabilized in the 50% range, indicating a neutral point in the market cycle.”
IBCI has held the 50% mark since BTC/USD broke through old $73,800 all-time highs in October 2024.
Unlike the frenzied profit-taking environment that marked the event and the rest of the year, Gaah notes that investor behavior is now much calmer, potentially leaving the door open to new highs.
“Historically, equilibrium zones like this occur between two decisive phases: the end of a realization movement and the start of a new upward leg,” he explained.
“The absence of extreme euphoria and the gradual recovery of the Bitcoin price suggest that the market is in a transitional phase — not exhaustion.”
Historical data shows similar patterns playing out on IBCI relative to long-term BTC price peaks.
An unusual Bitcoin all-time high
As Cointelegraph continues to report, an increasingly extensive range of market yardsticks points to Bitcoin returning to price discovery in the future.
Related: $112K BTC was not ‘bull market peak’: 5 things to know in Bitcoin this week
Among them is a list of 30 “bull market peak” metrics, none of which have flashed red despite BTC/USD reaching $112,000.
BTC price targets for the remainder of the bull market include $200,000 and higher.
In separate Puell Multiple analysis in recent days, Gaah flagged an unusual disparity between price and miner revenues.
“Historically, when Puell Multiple is below 1.0, we associate periods of accumulation or undervaluation where the price of Bitcoin does not yet reflect the full potential for long-term growth,” he wrote, with the Multiple at 1.27.
“Seeing this indicator at such low levels during a new all-time high is rare, and may indicate that the market has not yet reached its full euphoric phase. There is room for expansion, both in mining revenues and in positive market sentiment.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
