Bitcoin's market cycles can be broken into four color-coded phases: 🔴 Deep Bear Market (below Realized Price), 🔵 Early Bull Market (between Realized Price and True Market Mean), 🟠 Enthusiastic Bull Market (between True Market Mean and ATH), and 🟢 Euphoric Bull Market (above previous cycle ATH). Currently, Bitcoin is attempting to transition from the Enthusiastic to Euphoric phase, having briefly touched the 2021 ATH of $69k in March 2024 before pulling back for consolidation.