'According to Glassnode, the “Euphoria Wave” is identified as a period during which the supply in profit usually fluctuates around the 90% level.
This phase typically lasts between 6 to 12 months and is characterized by increased investor sentiment and heightened market speculation.'
https://www.newsbtc.com/news/bitcoin/bitcoin-in-euphoria-wave-how-long-until-the-bull-run-ends/