Just looking back at the demand patterns that were building through mid-2025, and it's interesting how the on-chain signals were lining up. Bitcoin was seeing roughly 62,000 BTC in monthly accumulation back then, which historically showed up right before major rallies in previous cycles. The whales and ETF flows were definitely the story - large holders were accumulating at a pace that hadn't been seen since 2024, while the spot ETFs had already grabbed over 200K BTC in the previous quarter alone. The bitcoin price prediction 2025 models were pointing to some key levels. Traders were watching for a break above 116K as the critical threshold that would flip the market into full bull mode, with potential valuations between 160K and 200K being discussed for that window. The Bull Score Index was hovering in that sweet spot between 40-50, which historically marked the boundary before explosive moves. What's wild is how similar the setup felt to early Q4 2024 - same demand metrics strengthening, similar positioning. The question at that time was whether we'd see a repeat of that pattern where price moved from around 70K up to 100K. Looking at it now with BTC trading around current levels, those on-chain fundamentals were definitely capturing something real about the accumulation phase. The cycle indicators suggesting a late-year push were based on solid demand data, even if the exact price targets ended up being one of those ambitious bitcoin price prediction scenarios that markets always debate.