While Bitcoin breaks historical maximums, confidence in the network grows
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Bitcoin quotes about $ 122,000.
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If Alphractal’s metric continues to grow, it could “indicate the end” of the BTC bullish path.
While the price of Bitcoin (BTC) breaks historical maximums contributing about $ 122,000, in parallel, confidence in the network experiences an increase, as indicated by Alphractal data on June 13.
This on-chain analysis platform offers the “Bitcoin Confidence On-Chain» indicator (confidence in the bitcoin chain), a metric that combines data that They evaluate the health of the network and the behavior of the BTC holders.
Among them, statistics such as the “Rhodl” ratio (which compares the value of currencies retained for more than a year with the recent ones), the “Puell multiple” (relationship between the current mining reward and the average of 365 days) and the “MVRV” (ratio between the market value and the value made, the latter based on the price at which the bitcoins were acquired).
The following Alphractal graph, which covers from 2012 to 2025, shows a multicolored line in format of Heatmap (heat map) which represents the price of Bitcoin, while the lower blue line reflects the confidence indicator in the Bitcoin Network.
He Heatmapwith colors that vary from blue (low prices) to red (high prices), shows the evolution of the value of the asset. At the moment, The price It paints dark orange, approaching red toneswhich coincides with its historical maximum close to $ 122,000.
This chromatic change explains an increase in confidence in the Bitcoin Network, since the price peaks have historically been linked to greater optimism among the participants. For example, the warm tones of 2017 and 2021 mark significant increases of 300%, according to Alphractal.
For its part, the lower blue line of the previous graph, which measures trust, presents an ascending curve in the last data of 2025. This promotion supports the growing confidence in the networkindicating that the accumulation of profits and the behavior of the holders reinforce the perception of stability.
Finally, from Alphractal they warn that “if the metric continues to ascend towards the maximum of previous cycles, it could indicate that we are entering the final phase of this bullish run, which would potentially last only a few more months.”
