Bitcoin chain indicator analysis: the nine-finger cap chart suggests that the bull market is still accumulating strength

CryptoChan, an on-chain analyst, has updated the Bitcoin "nine-finger cap chart" as an important reference for the market. Historical data shows that each bull market peak will break through multiple key lines, indicating the extreme overvaluation of the market. However, as of now, the Bitcoin price has not broken through any key reference line, indicating that the bull market has not yet truly started.

Historical Review: Breakthrough at Key Vertices

 

Current on-chain reference price (by color)

 

Currently, the price of Bitcoin has not broken through any reference line and is in a relatively undervalued state. Combined with historical performance, this may mean that the market is still in the stage of accumulating strength and has not yet entered the overheated area of the bull market peak. Investors should pay attention to whether the price gradually breaks through the key reference line, as well as changes in the macro environment and on-chain data, which will provide more basis for judging the potential opening of the bull market. From the on-chain perspective, the market still has significant upward space, but short-term volatility risks need to be vigilant.