CoinWorld News reports that according to the latest research by on-chain analyst CryptoChan, the BTC on-chain indicator 'Realized Profit and Loss Oscillator' has currently reached a value of 4.8, gradually approaching the historical bull market peak range. This indicator reveals the temperature changes of market sentiment by calculating the dynamic relationship between realized profits and losses of on-chain BTC, using a 365-day moving average as a baseline. The chart clearly shows: - In the 2013 bull market, the oscillator peak was 5.6, after which the market quickly peaked. - In the 2017 bull market, the oscillator peak reached 6.8, marking a significant bubble high. - In the 2021 bull market, the oscillator peak was 6.2, once again becoming a peak signal of market sentiment. Although the current oscillator value of 4.8 has not yet reached the peak levels of previous bull markets, it is rising rapidly. Coupled with historical trends, as this indicator approaches the critical value, the market may gradually enter the latter half of the bull market or even the peak stage.

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