The latest report from Bitfinex Alpha states that Bitcoin has surged by more than 573% since the November 2022 bear market low of $15,487, and its price has risen by 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 April 2024 halving, and the market may peak around Q3-Q4 2025, which is about 450 days after the halving. Indicators such as MVRV, NUPL, and the bull-bear market cycle indicator suggest that we are still in a bull market phase, but far from a peak. The Pi Cycle Top and 4-Year Moving Average models predict a potential cycle top between $145,000 and $189,000. From a historical perspective, diminishing returns are moderating the explosive growth of BTC that we have seen in previous cycles.