Bitcoin 
$105,231 appears poised for significant upward movement after a robust start to 2025. However, questions remain about the overall health of the market and whether the current bullish momentum can be sustained in the coming weeks and months. This article objectively assesses key figures that support the existing trend, backed by data.
State of Miners
The Puell Multiple is a metric that compares miners’ daily USD income to its yearly average, indicating that Bitcoin’s fundamental network strength remains intact. Historically, a halving event has led to a noticeable decline in miner revenues due to a 50% reduction in block rewards. Nonetheless, the recent rise of the Puell Multiple above 1 may signal a recovery and the potential onset of a bullish phase.
BTC Bullish Signal for 2025
The MVRV Z-Score analyzes Bitcoin’s market value against its realized value, revealing that current figures remain significantly below historical peak levels. This suggests a considerable growth potential. Additionally, a two-year moving average version of the MVRV Z-Score indicates that Bitcoin is far from the peak levels observed in previous cycles, paving the way for potential price increases.
Sustainable Market Sentiment
The Bitcoin Fear and Greed Index currently indicates a healthy and sustainable level of greed. Historical data from the 2020-2021 bull cycle suggests that greed levels can remain around 80-90 for months, supporting prolonged bullish momentum. The market often experiences significant corrections when values approach extreme levels (95+).
The active address sentiment indicator for Bitcoin shows a slight decrease in network activity, suggesting that individual investors have not fully returned to the market. However, this may indicate untapped individual demand that could fuel the next rally.
Shift in Risk Appetite
Traditional market sentiment shows signs of improvement. Requests for high-yield loans are increasing as the macroeconomic environment appears to favor a risk-on approach. Historically, strong correlations exist between Bitcoin’s performance and periods of heightened global risk appetite, with these periods often aligning with bullish stages in Bitcoin pricing.
In conclusion, Bitcoin’s network metrics, market sentiment, and macro perspective indicate that the current bullish market is likely to continue. While short-term volatility remains a possibility, the combination of these indicators suggests that Bitcoin is well-positioned to reach and potentially exceed its all-time highs in the near future.
