Recent capital flows data reveal that experienced investors are actively buying Bitcoin at lower prices, mirroring accumulation patterns seen during the bull markets of 2020 and 2021.

In 2025, Bitcoin's price has seen significant fluctuations, peaking above $100,000 before declining to around $75,000, prompting discussions about the current market cycle's status.

The MVRV Z-Score, a crucial on-chain indicator, has dropped from 3.36 at its peak to 1.43 during the recent decline, suggesting potential market bottom behavior similar to previous bull markets.

Historically, MVRV Z-Scores around 1.43 have coincided with local market bottoms, indicating that the current correction may be a healthy precursor to a continuation of the bull cycle.

If macroeconomic conditions stabilize, Bitcoin could be poised for another upward movement, with potential price peaks anticipated in the third or fourth quarter of 2025.

The Bitcoin market cycle is typically divided into three phases: bear phase, recovery phase, and bull phase, with expectations that the current cycle may peak around September 2025 if it resumes its upward trend.

Currently, the Value Days Destroyed (VDD) Multiple is in the 'green zone', signaling a shift from profit-taking by investors to accumulation by long-term holders, which could predict future price increases.

Despite the presence of positive on-chain indicators, macroeconomic risks such as volatility in equity markets and recession fears could constrain Bitcoin's price movements in the near term, particularly in Q3 2025.