Since its inception in 2009, Bitcoin has experienced multiple intense price cycles. Each bull run has sparked market discussions and attracted new capital inflows. Now, with new catalysts driving the market, understanding the patterns of these cycles becomes especially important. How is a bull market defined? On-chain data provides the answer. Bitcoin's bull run essentially is a game of supply scarcity versus demand growth. When exchange BTC balances decrease, wallet activity increases, and stablecoin inflows rise, it often signals the beginning of an accumulation phase. According to the latest on-chain data, Bitcoin's market capitalization has surpassed $1.7 trillion, with circulating supply approaching 20 million coins. An RSI indicator above 70 typically indicates strong buying momentum. Additionally, a golden cross between the 50-day and 200-day moving averages has historically been a confirmation signal of an uptrend. Key indicators to watch include: - Whale activity: large transactions