According to research reports from the CryptoQuant data analysis platform, the Bitcoin mining revenue indicator Puell Multiple is close to the 365-day average line, and has only broken through three times in the past five years: in March 2019 (up 83%), January 2020 (up 113%), and January 2024 (up 76%). The monthly RSI for Bitcoin has reached 74.4, indicating characteristics of the early stage of a bull market cycle. Analysts predict that the market has entered a parabolic growth phase lasting approximately 300 days, with the main FOMO trend likely to emerge in early 2025.