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Despite ATH, BPT remains moderately high at 2.56 (below the local peak of 3.57), meaning this is already a "warm" temperature for the current cycle but without obvious overheating yet. Price holds above the 4-year MA and its +2σ (green), confirming the bullish trend.
Main risk is typical corrections within the uptrend, "late-stage" signals will appear when BPT accelerates above 3.0.