Bitcoin's current market cycle is under scrutiny through various on-chain metrics, revealing a cautiously optimistic outlook. Indicators such as the P&L Index and Bull/Bear Market Cycle Indicator highlight robust bullish momentum, suggesting Bitcoin is firmly in a bull market phase. The Puell Multiple and MVRV Ratio indicate that Bitcoin is not yet overvalued, allowing room for potential price growth. Furthermore, the UTXO Age Bands demonstrate strong long-term holder confidence, providing a stable market foundation. However, as many holders are in profit, the market may be nearing the mid-to-late stages of the cycle. Investors should remain vigilant for any signs of momentum loss.