To do your own analysis/follow along, the script is in public library and can be found here. Briefly - BNM is a view created by PositiveCrypto which looks into the value transmitted through the Bitcoin blockchain denominated in BTC value plotted against Bitcoin's price. It serves as a leading indicator of Bitcoin bull markets. Sufficiently high levels of value throughput is needed drive bull markets.
Here we can see some correlations in market cycle timing and structure. Of course the question currently, is do we have the needed momentum yet to kick off another bull cycle? I think we will likely be in this range for some time to come. But BNM seems to agree that the bottom is in. I believe there will be rejection soon and another buying opportunity in the 4.4k to 4.9k range.
Bull > Bear > Transition cycles. I used the previous cycles to project the next bullrun cycle with price targets.
I stupidly typed this up in the publish window instead of my word processor. My computer rebooted and I lost approximately 2k words I had further written. I will not be reconstructing in unfortunately as I have more pressing things to work on. You will have to draw your own conclusions!