# Bitcoin Cycle Indicators

The classic top-and-bottom indicators, each recomputed nightly from one daily close series we keep ourselves (Bitstamp 2012 to 2017, Binance since) and stored as daily history you can download. Every one of them is a level, not a forecast: the page shows where each sits today, the full curve, and for the Pi Cycle the exact dates it crossed in the past. Puell uses our own Bitcoin node for miner revenue.

Source: https://bykaranteli.com/indicators · attribute to ByKaranteli and quote the timestamp.
Snapshot taken 2026-10-18.

BTC close: $82.1K (2026-10-18).

| Indicator | Latest | Date | How to read it |
| --- | --- | --- | --- |
| Pi Cycle Top | 0.476 | 2026-10-18 | Ratio at or above 1 = crossed. Below 1 = not crossed; the distance is how far the fast average sits under the slow one. |
| Mayer Multiple | 1.13 | 2026-10-18 | Above 2.4 has historically marked overheated markets; below 0.8 deep value. Most days sit between 0.8 and 1.5. |
| 200-week moving average | $66.8K, multiple 1.23 | 2026-10-18 | Close below the 200W MA has been rare and short-lived; the multiple above it shows how extended a bull run is. |
| 2-year MA multiplier | $89.2K, x5 $445.9K | 2026-10-18 | Below the 2-year MA has marked accumulation zones; above 5x the 2-year MA has marked cycle tops. |
| Golden ratio multiple | 1.07 | 2026-10-18 | Readings above 3 have been late-cycle; above 5 marked the 2013 and 2017 tops. |
| Profitable days | 91.5% | 2026-10-18 | 100% means a new all-time high territory; values far below 100% show how deep a drawdown has cut into past buyers. |
| Stock-to-flow ratio | 122.4 | 2026-10-18 | A supply statistic, published without any price model attached. |
| Puell Multiple | 1.16 | 2026-10-18 | Above 4 has marked cycle tops; below 0.5 capitulation. History uses the nominal subsidy (our node is pruned); from 2026-09-02 the day's value uses the node's actual subsidy plus fees. |
| Bitfinex margin positioning | 241.2 L/S | 2026-10-18 | The long/short ratio is a positioning gauge for one venue, not the market. |
| Miner revenue (own node) | 495.7 BTC | 2026-10-18 | Fees as a share of revenue show how much of miner income the mempool is paying for. |

## Related

- https://bykaranteli.com/indices
- https://bykaranteli.com/macro
- https://bykaranteli.com/factors
- https://bykaranteli.com/data

Everything in one fetch: https://bykaranteli.com/llms-full.txt