Bitcoin (BTC) is expected to usher in a "new round of increases," as a BTC price tool with a ten-year track record remains bullish.
New data from the on-chain analysis platform CryptoQuant shows that the IBCI tool calls for the bull market to continue.
The latest IBCI reading seems to confirm that Bitcoin is far from finished in the current bull market.
IBCI combines several classic on-chain indicators, including the Puell Multiple and the Market Value to Realized Value ratio (MVRV), which are currently well below the areas typically corresponding to bull market peaks.
CryptoQuant contributor Gaah wrote in a "Quicktake" blog post on Tuesday, "The recently updated Bitcoin Cycle Indicator (IBCI) shows the market is at a defining point."
Gaah described the data as a signal of the bull market's "continuation," which began in early 2023.
The article continued, "During the strong upward movement between the end of 2023 and the first quarter of 2024—when the IBCI reached the distribution area (over 75%)—the indicator underwent a correction as BTC prices fell."
"Currently, the IBCI has stabilized in the 50% range, indicating that the market cycle is at a neutral point."
Since BTC/USD broke through the old historical high of $73,800 in October 2024, the IBCI has remained at the 50% level.
In contrast to the iconic profit-taking environment marked by that event and the remaining time of that year, Gaah noted that investor behavior is now much calmer, potentially opening the door to new highs.
He explained, "Historically, such balanced areas appear between two decisive phases: the end of the realization movement and the beginning of a new upward phase."
"The lack of extreme euphoria and the gradual recovery of Bitcoin prices indicate that the market is in a transitional phase—rather than a depletion phase."
Historical data shows that the IBCI exhibits a similar pattern relative to long-term BTC price peaks.
As Cointelegraph has consistently reported, an increasing number of market metrics suggest that Bitcoin will return to the price discovery phase in the future.
This includes a list of 30 "bull market peak" indicators, none of which show a red alert despite BTC/USD reaching $112,000.
The BTC price targets for the remaining time in the bull market include $200,000 and above.
In a recent standalone analysis of the Puell Multiple, Gaah pointed out the unusual disparity between price and miner income.
He wrote, "Historically, when the Puell Multiple is below 1.0, we associate it with accumulation or undervaluation periods, during which Bitcoin prices have not yet reflected the full potential for long-term growth." Currently, the indicator is at 1.27.
"It is rare to see this indicator at such a low level at new historical highs, which may indicate that the market has not yet reached a fully euphoric stage. There is room for both miner income and positive market sentiment to expand."
This article does not contain investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Related: Early Bitcoin adopters say BTC may experience another 100x cycle
Original article: “Bitcoin (BTC) Top Indicator with 10-Year Price Record Shows $112,000 Level Still 'Neutral'”
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