Bitcoin may be consolidating above $84,000, but anyone calling this the cycle top hasn’t looked closely enough at the structural metrics. Among the most reliable of those is the Delta Top — a valuation model that has consistently capped Bitcoin’s major cycle highs since 2013.

And as of today, Delta Top sits at $208,100 — a full 147% above spot. There is no sign of overheating. On-chain confluence suggests the opposite: we are still in the mid-cycle build-out.