The Bitcoin Realized Profit/Loss Ratio is finally starting to cool down after reaching the 23 value max profit line.
Every move eventually runs out of oxygen at this point, to form a corrective move shown by the black arrows.
This doesn't usually represent a cycle top, but it does come during a precursor to one.
During 2017, the 23 value line cross came 4 months before the top, while 2021 was 3 months before. Both 2013 and 2021 managed to make double tops that formed later in the year in November.
The timing of the cycle top all hinges on when Bitcoin maintains its position above ATHs.
