A new wave of on-chain optimism is emerging in the Bitcoin market, with analysts pointing to rising confidence indicators as a potential sign the final phase of the current bull cycle may be underway.
According to research by Alphractal, the “On-chain Confidence” metric — which aggregates key data points such as the RHODL Ratio, Puell Multiple, MVRV, CVDD, RUPL/NUPL, and Realized Price — is once again climbing. All components are normalized to provide a clearer visualization of overall network sentiment.
The current rise in this confidence metric reflects growing profitability across the network. While it has reached levels comparable to those seen in early 2024 and early 2025, it still remains below the historical peaks observed during the euphoric surges of 2021 and 2017.
If this trend continues and confidence approaches the highs from previous cycles, it could indicate Bitcoin is entering the final leg of its bull market. Analysts caution that this stage might last only a few more months — a familiar pattern from earlier boom cycles when price action accelerated dramatically before peaking.
As investor sentiment heats up, traders are advised to monitor on-chain activity closely to gauge whether this is indeed the closing chapter of Bitcoin’s current rally.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is a person who always looks for the logic behind things. He is fluent in German and has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
Source: https://coindoo.com/market/bitcoin-on-chain-confidence-climbs-is-the-bull-market-near-its-end/