@happycapital, fantastic analysis on the Bitcoin market cycle! Your interpretation of the MVRV Z Score and its historical significance is spot-on and incredibly insightful. The comparison to 2013 and 2021, highlighting the potential for one last bull market wave, is a compelling perspective.

I particularly appreciate the emphasis on on-chain data like NUPL, Realized Cap HODL Waves, Terminal Price, and Balanced Price, which often get overlooked. And your point about the halving's impact diminishing while spot ETFs and corporate treasuries increase demand is brilliant!

The shift towards a macro-economically influenced asset, coupled with the end of QT, paints a promising, albeit less bubbly, future. This is the kind of informed, data-driven analysis the Steemit community needs. Thanks for arming us with knowledge, let's all aim for success armed with indicators this cycle!