In the current bull market, the transition between Bitcoin cycles is marked by a series of confluence factors, with a high profitability rate among smaller and new participants being a key market factor. The lure of profit maximization in bullish periods attracts many inexperienced investors, leading to relatively high unrealized profits.

However, the current Bitcoin growth curve remains modest compared to previous cycles. This does not suggest a stagnant future, but rather indicates that higher prices will be needed to see a riskier structure in the long-term cycle.

Furthermore, global demand for Bitcoin has not yet matched the price evolution seen in the last 12 months. While demand remains modest, a renewal is needed for continued growth. Given the market's optimistic outlook, it's only a matter of time before this occurs.