Degen

According to new data from CryptoQuant’s onchain analytics platform, the Bitcoin Cycle Indicators (IBCI) tool suggests that Bitcoin’s (BTC) bull market still has plenty of room to grow and is far from over.

The tool, which combines key onchain indicators such as the Puell Multiple and MVRV, is still “neutral” despite the price hitting new all-time highs, well below the range that traditionally marks the peak of a bull market.

CryptoQuant analyst Gaah sees this as a sign of a “defining point” in the market and readiness for a new uptrend. The more relaxed behavior of investors and the state of the Puell Multiple also reinforce the view that the market is ready to continue its upward trend.