Bitcoin's current market cycle is analyzed through a combination of on-chain metrics, indicating a confirmed bull market phase. Key indicators such as the P&L Index and Bull/Bear Market Cycle Indicator highlight strong bullish momentum. The Puell Multiple and MVRV Ratio suggest that Bitcoin is not yet in an overvalued state, providing room for potential price growth. Additionally, the UTXO Age Bands reflect a robust base of long-term holders, underscoring investor confidence. However, as most holders are in profit, and with a high percentage of long-term holders, the market may be nearing its mid-to-late stages. Investors should remain vigilant for any signs of momentum loss, particularly if the P&L Index or Bull/Bear Market Cycle Indicator exhibit bearish trends.