The Bitcoin market is undergoing an interesting journey! According to the latest report from Bitfinex Alpha, since the bear market low in November 2022, the price of Bitcoin has surged over 573%, rising 130% year-to-date. This bull market is primarily driven by institutional demand, with ETFs and spot accumulation taking center stage.

Historical data suggests that we may be in the mid-cycle, with expectations that the market will peak between the third and fourth quarters of 2025 after the halving in April 2024. Although indicators such as MVRV and NUPL show that we are still in a bull market phase, there is still some distance to the peak.

The Pi cycle top and 4-year moving average model predict a potential cycle top between $145,000 and $189,000. Nevertheless, the diminishing returns effect is tempering Bitcoin's explosive growth. 📈💡