Bitcoin is approaching the peak of the bull cycle. The Bitcoin trading volume ratio over the past 6-12 months indicates that capital has flowed into the market during this cycle. Usually, this ratio decreases for the first time, signaling the end of the early stage of the bull cycle. Then, it decreases again, lower than the first decrease, marking the end of the bull cycle. In March 2024, Bitcoin reached an important midpoint and is now heading towards the peak of this cycle.