Bitcoin has reached here for the third time in this bull: But it's still not enough! - Coin Bulletin

The index signaling a critical peak in the Bitcoin (BTC) cycle has entered the “distribution zone” for the third time, but the market has not yet reached the levels indicating previous bull peaks.

The recent rise in Bitcoin prices has led to renewed attention on the Bitcoin Cycle Indicator Index, which plays a significant role in market analyses, (IBCI). According to the latest report shared by a CryptoQuant analyst, the IBCI, used to identify the peak points of the Bitcoin price cycle, has re-entered the distribution zone after approximately a 5-month hiatus. However, this rise is not yet strong enough to signal a peak in the markets.

IBCI is an index indicating that Bitcoin investors have become overly enthusiastic and that major corrections are approaching. This index has reached the distribution zone for the third time in this cycle, currently only able to touch the 80% level. This level is quite far from the 100% level, which indicates a definite peak in previous cycles. This situation reveals that the market is still in the expansion phase, but typical cycle-end excesses have not yet been observed.

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The two most important indicators that make up the IBCI index, the Puell Multiple and the short-term spending profit ratio (STH-SOPR), are still below the midline. This situation indicates that the speculative movements of retail investors and fast profit sales have not fully settled in the market. In particular, the Puell Multiple stands out as an important indicator measuring miners’ profit rate relative to Bitcoin prices and is currently close to the zone. This indicates that despite the price reaching new record levels, the miners’ profitability has not yet peaked.

In summary, the current position of the IBCI indicator shows that there is a high risk of correction in the short term, but it also indicates that the market has not yet experienced excessive enthusiasm (euphoria). This suggests that there is still room for new peaks in the Bitcoin price. It is critically important for investors to continue closely monitoring these two key indicators.