Bitcoin is back above $84,500 and the timeline is once again split. Some are calling for a top. Others are warning of 2021 déjà vu. And a vocal minority continues to hedge as if it’s 2018.

But amid the noise, one of Bitcoin’s most historically reliable cycle-top indicators — the Pi Cycle Top — hasn’t moved. It hasn’t crossed. It hasn’t even come close.

If this was truly the top, this indicator would not be silent.