In brief:
₿- CryptoQuant’s IBCI shows Bitcoin is still in a neutral phase, indicating the current bull market is not yet at its peak and has significant room to grow.
₿- Key on-chain metrics like the Puell Multiple and investor behavior suggest market sentiment remains healthy, with no signs of exhaustion despite BTC reaching $112,000.
Bitcoin’s record-breaking rally may have captured global headlines, but new on-chain data suggests the current bull market is just getting started. CryptoQuant’s Index Bitcoin Cycle Indicators (IBCI) points to further upside for BTC — despite the recent all-time high of $112,000.
Bitcoin bull cycle enters neutral zone, not final peak
The IBCI, a composite of key metrics like the Puell Multiple and Market Value to Realized Value (MVRV), currently shows a neutral reading. At 50%, it sits well below the historical threshold that signals cycle tops. According to CryptoQuant contributor Gaah, this signals a “point of definition” — a transitional stage that may mark the start of Bitcoin’s next upward leg.
This data-driven view contradicts the narrative that Bitcoin has peaked. Investors looking for answers to “Is the Bitcoin bull market over in 2025?” may want to look again — the indicators say no.
Calm investor behavior strengthens long-term outlook
Bitcoin has remained relatively stable since surpassing $73,800 in October 2024. Unlike previous cycles, there has been no widespread panic selling or euphoric buying. The calm environment suggests a more mature investor base and less speculative pressure — a setup that often precedes major rallies.
Search interest in Bitcoin price prediction $200K continues to rise as more traders expect further gains. With no major on-chain warning signals flashing red, market sentiment remains healthy.
Puell Multiple hints at untapped miner momentum
The Puell Multiple, which tracks daily miner revenue compared to historical norms, currently sits at 1.27 — still modest for a bull market. In past cycles, values above 4 signaled overheating. At these current levels, miners are not aggressively cashing out, and the network shows no signs of exhaustion.
Values below 1.0 are historically linked to accumulation zones, where smart money enters before explosive growth. The current reading supports continued accumulation, especially by institutional investors.
No red flags among peak cycle indicators
Of the 30 traditional on-chain signals used to identify bull market tops, none have turned red. It reinforces the idea that Bitcoin still has room to grow. Analysts believe $200,000 is not just a headline number, but a realistic target if current momentum holds.
For those researching CryptoQuant bull cycle analysis or evaluating Bitcoin’s true market position, this data paints a clear picture: the bull run isn’t over — it may just be taking a breather.
Stay informed,
Rodcas Consulting Group