Historical data shows that a key indicator often reaches its peak in the mid-stage of a bull market, approximately 352-354 days before the peak of the bull market.

Looking back: After the mid-stage peak in the 2016 bull market, it took 354 days to reach the peak at the end of 2017.

Similarly in 2020, after the peak it took 352 days to reach the peak in the first half of 2021. Now, in the mid-stage of the 2024 bull market, this indicator has already peaked, having passed 57 days since the predicted peak.

The indicator is closely related to the price of Bitcoin and the static proportion of Bitcoin on-chain. During this cycle, Bitcoin usually experiences 3 major adjustments (as shown by the blue arrows in the chart).

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