Key Takeaways
- IBCI tool shows bitcoin remains in a neutral cycle phase despite new all-time highs.
- Current market sentiment is calm, lacking previous bull market euphoria.
- Low Puell Multiple suggests room for growth in mining revenues and price appreciation.
The Index Bitcoin Cycle Indicators (IBCI) from CryptoQuant, which incorporates classic onchain indicators like the Puell Multiple and Market Value to Realized Value (MVRV), suggests that bitcoin’s bull run is not yet at its peak.
Current IBCI readings remain well below levels historically associated with market tops, despite bitcoin recently reaching an all-time high of $112,000.
According to CryptoQuant contributor Gaah, writing on June 17:
“Currently, IBCI has stabilized in the 50% range, indicating a neutral point in the market cycle.”
IBCI has held near this midpoint since BTC/USD broke above its previous all-time high of $73,800 in October.
Unlike previous peaks characterized by rapid profit-taking and market euphoria, the current environment is described as calmer, suggesting the possibility of further price appreciation.
Market sentiment and the puell multiple
Gaah notes that equilibrium zones like the current one have historically appeared between two decisive phases — the end of a realization movement and the start of a new upward leg.
He adds:
“The absence of extreme euphoria and the gradual recovery of the Bitcoin price suggest that the market is in a transitional phase - not exhaustion.”
Analysis of the Puell Multiple reveals it is unusually low (at 1.27) for a period when bitcoin is at all-time highs, which historically signals either accumulation or undervaluation.
This is rare and may indicate additional room for growth in both mining revenues and overall market sentiment.
