It would be great to have a single peak at the end of the bull run that everyone agrees on. Looking at previous cycles, 2017 seems to have had the most ideal shape, with a definitive peak at the end. Perhaps it was the last one of its kind. The 2021 cycle was quite different from 2017, as it featured two peaks. Even more interestingly, most on-chain indicators didn't signal the BTC all-time high as the actual peak in November 2021, which is why some even call it a "fake rally."
We have to admit that every cycle has its own characteristics. In 2024, things got even more interesting, as we saw the all-time high (ATH) before the halving for the first time. Some believe we may have already seen the cycle peak in March, as certain metrics entered the overheated zone back then. While it's impossible to know if that was the true cycle top, from an on-chain perspective, we will likely see some metrics revisiting overheated zones repeatedly rather than hitting them just once. Especially after the 2021 bull run, investors remain hopeful about seeing new highs in 2025.
Written by aytekin466
