PANews reported on December 16 that Bitfinex Alpha's latest report stated that from the bear market low of $15,487 in November 2022, Bitcoin has soared more than 573%, and its price has risen 130% so far this year. The current bull market reflects strong institutional demand, led by ETFs and spot accumulation. Historical data shows that we are in the middle of the cycle, that is, after the halving in April 2024, the market may peak around the third to fourth quarter of 2025, which is about 450 days after the halving.

Indicators such as MVRV, NUPL, and the bull-bear market cycle indicator suggest that we are still in the bull phase, but far from the peak. The Pi cycle top and 4-year moving average model predicts a potential cycle top between $145,000 and $189,000. From a historical perspective, diminishing returns are moderating the explosive growth of BTC we have seen in previous cycles. The report believes that any adjustment in 2025 will be mild due to institutional capital inflows; historically, the strongest rebound has occurred in the year after the halving; cycle target: By mid-2025, the minimum price is estimated at $145,000, which may climb to $200,000 under favorable conditions.