CW8900
Bitcoin is still in the process of breaking out of its bearish trend.
The $BTC Bubble vs Crash market structure indicator is approaching the baseline, $BTC is approaching to bullish trend. A full-blown bull rally has not yet begun. It is currently in the process of gradually approaching that stage. Most importantly, there has been no bubble phase in this cycle. While a brief bubble phase did form in May 2024, the price of $BTC at that time was 70k. No one would say that period as the cycle's peak. In other words, there hasn't been a real bull rally yet. Likewise, there hasn't been a crash phase either. The rally set to begin soon will be the real bull rally in this cycle, and once it concludes, a real bear market will follow.