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Indicator Overview

This indicator uses a combination of on-chain and technical inputs to try and identify the very tops of Bitcoin’s market cycles.

There are several steps required in the calculation. First, to calculate Delta Cap:

Delta Cap = Realized Cap - Average Cap

Realized Cap is explained on this page that shows MVRV Z-Score, so you can go there to learn about how it is calculated. It is the cost-basis total value paid for all bitcoins.

Average Cap is the cumulative sum of Market Cap divided by the age of the market in days. This creates a constant time-based moving average of market cap.

Subtracting Average Cap from Realized Cap generates Delta Cap.

Once Delta Cap is calculated, its values over time are then multiplied by 7. The result is Delta Top.

How It Can Be Used

The purpose of Delta Cap is to try and identify the tops of Bitcoin’s market cycles. It can be used alongside other similar tools found on the Price Forecast Tools page.

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