Bitfinex Alpha's latest report states that from the bear market low of $15,487 in November 2022, Bitcoin has surged more than 573%, and its price has risen 130% so far this year. The current bull market reflects strong institutional demand, led by ETFs and spot accumulation. Historical data suggests that we are in the middle of the cycle, after the halving in April 2024, and the market may peak around Q3-Q4 2025, about 450 days after the halving. Indicators such as MVRV, NUPL, and the Bull-Bear Market Cycle Indicator suggest that we are still in the bull market 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.