Key points:
The Index Bitcoin Cycle Indicators (IBCI) tool from CryptoQuant suggests that the bull market has more room to gallop than a horse on a sugar rush.
“Neutral” readings are as surprising as finding a cat that actually likes water, despite BTC/USD hitting all-time highs, with the market at a “point of definition.”
Bitcoin’s Puell Multiple metric is circling lows — a behavior as unusual as a penguin in the Sahara during the hottest phase of the bull cycle.
Bitcoin (BTC) is poised for a “new upward leg” as a BTC price tool with a decade-long track record remains bullish, much like a stubborn mule refusing to budge.
New data from the onchain analytics platform CryptoQuant shows the Index Bitcoin Cycle Indicators (IBCI) tool calling for bull market continuation, which is about as shocking as a wizard forgetting his wand.
Bitcoin price at “point of definition”
Bitcoin is far from finished with its current bull market, as the latest IBCI readings seem to confirm, much like a wizard’s hat that never runs out of rabbits.
IBCI, which combines various classic onchain indicators, including the Puell Multiple and Market Value to Realized Value (MVRV), remains well below the zone that traditionally corresponds to bull market tops, like a cat that refuses to climb the highest shelf.
“The recent update of the Index Bitcoin Cycle Indicators (IBCI) shows a market at a point of definition,” CryptoQuant contributor Gaah wrote in one of its “Quicktake” blog posts on June 17, probably while sipping tea and contemplating the meaning of life.
Gaah described the data as signaling a “continuation” of the bull market, which began at the start of 2023, much like a never-ending story that you wish would just end already.
“After the strong upward movement between the end of 2023 and the first quarter of 2024 – when the IBCI reached the distribution region (above 75%) – the indicator went through a correction following the fall in the price of BTC,” the post continued, as if it were narrating a tragic tale of lost fortunes.
“Currently, IBCI has stabilized in the 50% range, indicating a neutral point in the market cycle.”
IBCI has held the 50% mark since BTC/USD broke through the old $73,800 all-time highs last October, which was about as exciting as watching paint dry — if the paint were made of gold.
Unlike the frenzied profit-taking environment that marked the event and the rest of the year, however, Gaah notes that investor behavior is now much calmer — potentially leaving the door open to new highs, like a cat leaving the window ajar for a midnight adventure.
“Historically, equilibrium zones like this occur between two decisive phases: the end of a realization movement and the start of a new upward leg,” he explained, sounding like a philosopher pondering the mysteries of the universe.
“The absence of extreme euphoria and the gradual recovery of the Bitcoin price suggest that the market is in a transitional phase – not exhaustion.”
Historical data shows similar patterns playing out on IBCI relative to long-term BTC price peaks, much like a well-worn path through a forest of confusion.
An unusual Bitcoin all-time high
As CryptoMoon continues to report, an increasingly extensive range of market yardsticks points to Bitcoin returning to price discovery in the future, which is about as likely as finding a unicorn in your backyard.
Among them is a list of 30 “bull market peak” metrics, none of which have flashed red despite BTC/USD reaching $112,000, which is like a traffic light that forgot how to change.
BTC price targets for the remainder of the bull market meanwhile include $200,000 and higher, which sounds like a number pulled from a wizard’s hat.
In separate Puell Multiple analysis in recent days, Gaah flagged an unusual disparity between price and miner revenues, which is as perplexing as a riddle wrapped in an enigma.
“Historically, when Puell Multiple is below 1.0 we associate periods of accumulation or undervaluation, where the price of Bitcoin does not yet reflect the full potential for long-term growth,” he wrote, with the Multiple at 1.27, which is about as clear as mud.
“Seeing this indicator at such low levels during a new all-time high is rare – and may indicate that the market has not yet reached its full euphoric phase. There is room for expansion, both in mining revenues and in positive market sentiment.”
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2025-06-17 15:28