According to historical data, the peak of this indicator usually occurs in the middle of a bull market, with about 352 to 354 days of time difference from the peak of the bull market. Specifically:

During the mid-point of the 2016 bull market, this indicator peaked, 354 days away from the bull market peak at the end of 2017.

During the mid-point of the 2020 bull market, this indicator also peaked, 352 days away from the bull market peak in the first half of 2021.

Currently, in the mid-point of the 2024 bull market, this indicator has already peaked, with 57 days having passed since the bull market peak.

From the chart, the indicator is above the BTC price, while below it is the proportion of BTC that has not moved on-chain for 6-12 months.

It is worth noting that historically, during this cycle, BTC prices typically experience three major corrections (as indicated by the blue arrows in the chart).