A large number of data indicators show that the current crypto bull market has not yet reached its peak.

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BlockBeats news, on December 16, Bitfinex released a report saying, "From the bear market low of $15,487 in November 2022, Bitcoin has risen by more than 573%, and the price has risen by 130% so far this year. The current bull market reflects strong institutional demand, mainly driven by ETFs and spot accumulation. Historical data shows that we are in the middle of the cycle, and after the halving in April 2024, the market may peak in the third to fourth quarter of 2025, about 450 days after the halving.Indicators such as MVRV, NUPL and bull-bear cycle indicators show that we are still in the bull market stage, but are far from the peak of over-optimism. The Pi cycle top and the four-year moving average model predict potential cycle top prices between $145,000 and $189,000. USD. Historically, diminishing returns are moderating the explosive gains Bitcoin has seen in previous cycles. Our view is that any correction in 2025 will remain mild, aided by institutional inflows. Halving Effect: Historically, the years following the halving have typically seen the strongest rallies. Cycle Target: The minimum price estimate for mid-2025 is USD 145,000, with the potential to reach USD 200,000 under favorable conditions. While volatility is expected in the first quarter of 2025, the overall trend points to further price gains, supported by ETFs, institutional adoption, and Bitcoin’s growing importance as a global asset. However, investors should remain vigilant for signs of overbought conditions as Bitcoin approaches the top of the cycle. ”

The crypto bull market reached an interim high in the first quarter and set new highs in the fourth quarter.

The top of BTC in this bull market may appear in the fourth quarter of 2025. Before that, in addition to the "first wave" that has already occurred, there are two significant bull market mid-term trends. Afterwards, the industry may usher in a long winter like the bursting of the Internet bubble in 2000-2001.

Driven by global stimulus from central banks, growing institutional adoption, and rapid improvements in blockchain technology, the outlook for 2025 looks pretty bright.