Market observers note Bitcoin's return to volatile trading patterns,100 usdt to usd temporarily dampening expectations for immediate record highs. Yet blockchain metrics indicate this bull cycle retains substantial momentum, with the dominant cryptocurrency building energy for its next upward movement.
Recent on-chain analysis reveals Bitcoin entered what specialists term a "euphoria wave" several months back. This development carries significant implications for understanding current market dynamics and potential future price action.
Duration Analysis: Bitcoin's Current Market Phase
Blockchain analytics provider Glassnode recently shared findings via social media platform X, confirming Bitcoin's transition into the euphoric stage of its market cycle. This determination stems from monitoring the "Percent Supply in Profit" indicator, tracking what portion of circulating Bitcoin currently holds unrealized gains.
Glassnode defines the "Euphoria Wave" as periods where profitability consistently hovers near 90% thresholds. Historical patterns show these phases persist between half to full calendar years, coinciding with elevated investor enthusiasm and amplified speculative activity.
Current metrics indicate 93.4% of Bitcoin supply remains profitable, with analysts characterizing this euphoric period as "early-stage" having commenced approximately ten weeks prior. Market cycles inevitably progress through phases, meaning this enthusiastic period will eventually transition toward consolidation.
Examining previous cycles featuring six-month euphoria waves suggests potential continuation of bullish conditions for several additional months. The cryptocurrency's present profitability metrics may significantly influence both remaining cycle duration and subsequent price trajectories.
Accumulation Patterns Signal Continued Confidence
Another bullish indicator emerges from growing Bitcoin accumulation addresses, as highlighted by CryptoQuant researchers. Their latest report documents sustained expansion in new accumulation wallets despite May's relatively muted price performance.
Notably, major Bitcoin holders maintained acquisition patterns throughout last month, with blockchain records confirming substantial purchases by these entities. Such accumulation behavior typically precedes significant price movements as supply becomes increasingly concentrated.
At current valuation levels near $67,700, Bitcoin demonstrates modest daily gains while maintaining approximately 15% monthly appreciation according to market data aggregators. These metrics reinforce the ongoing balance between profit-taking and strategic accumulation occurring across market participant categories.
Market technicians emphasize that understanding phase duration and accumulation patterns provides valuable context for interpreting short-term volatility within broader cycle frameworks. The interplay between these factors continues shaping Bitcoin's market structure as this cycle progresses.