Golden Finance reports that Bitfinex Alpha’s latest report states that Bitcoin has soared more than 573% from the bear market low of $15,487 in November 2022, and its price has increased by 130% so far this year. The current bull market reflects strong institutional demand, led by ETF and spot accumulation. Historical data suggests that we are in the middle of the cycle, after the April 2024 halving, and that the market will likely peak around Q3-Q4 of 2025, approximately 450 days after the halving. Indicators such as MVRV, NUPL, and the Bull and 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.