BTC earnings oscillator index rises to 4.8, may have entered the late stage of the bull market

According to the latest research by on-chain analyst CryptoChan, the current value of the BTC on-chain indicator "Realized Profit and Loss Oscillator" has reached 4.8, gradually approaching the peak range of the historical bull market. This indicator calculates the dynamic relationship between the realized profits and losses of BTC on the chain, taking the 365-day moving average as the benchmark, to reveal the temperature changes in market sentiment.
It can be clearly seen in the chart:

-In the 2013 bull market, the oscillator peaked at 5.6, and then the market quickly peaked.
-In the 2017 bull market, the oscillator peaked at 6.8, marking the high point of the bubble.
-In the 2021 bull market, the oscillator peaked at 6.2, once again becoming a peak signal of market sentiment.

Although the current oscillator value of 4.8 has not reached the peak level of the previous bull markets, it is rising rapidly. Combined with historical trends, as the indicator approaches the critical value, the market may gradually enter the second half of the bull market or even the peak stage.