- Bitcoin’s ongoing cycle shows clear structure with Phases 1 to 3 completed, while Phase 4 remains missing but likely ahead.
- The Puell Multiple indicator has not entered the red-top zone, suggesting that Bitcoin has not yet reached its final cycle top.
- Market price stability and continued trading volume support the view that Bitcoin is preparing for its next parabolic upward move.
Bitcoin (BTC) remains firmly within its fourth market cycle, with current chart structures showing strong alignment with previous cycles. Despite growing market uncertainty, data suggests the bull run has not yet reached its final stage.
Longest Gap Between Cycle Phases Observed
Crypto analyst CryptoCon notes an unusual delay between Phase 3 and Phase 4 in Bitcoin’s ongoing cycle. Historically, this transition marks the onset of a major parabolic rally. In this cycle—spanning 2023 to 2026—Phases 1 through 3 have already played out: the cycle bottom, the mid-top, and the end of the correction. However, Phase 4, commonly known as the Pre-Cycle Top, remains absent.
This current delay is the longest ever recorded between Phase 3 and Phase 4 in the history of the Puell Multiple model. Such timing gaps have sparked debates, but past patterns suggest the absence of Phase 4 does not signal cycle completion. Instead, it could indicate the market is coiling strength before a move higher.
Puell Multiple Signals Market Still Has Room
The Puell Multiple oscillator continues to support the ongoing cycle theory. It has yet to enter the red-top zone, a range historically linked to market tops. This suggests Bitcoin is not yet overheated and may still have upward momentum to explore.
In all previous bull cycles, the Puell Multiple breached the red zone during the euphoric price stage. Its current position supports the view that Bitcoin is consolidating before the Pre-Cycle Top. The structure of the oscillator remains orderly, adding weight to the argument that the bull run is far from over.
Market Sentiment and Price Activity Align
At the time of writing, Bitcoin traded at $110,822, reflecting a 1.24% gain in the last 24 hours. Over the past seven days, the asset has recorded a 1.12% increase. The trading volume stands at $39.7 billion, indicating continued market participation.
CryptoCon’s analysis highlights that the cycle symmetry for Bitcoin remains unchanged and while macroeconomic headwinds remain in place, the market seems to be conducting its next preparation phase.
