{
  "_comment": "Cycle-aware thresholds — widened ranges to account for BTC maturing and diminishing cycle extremes",
  "fear_greed": {
    "ranges": [[0, 15, 10], [15, 30, 8], [30, 45, 5], [45, 55, 3], [55, 75, 1], [75, 100, 0]]
  },
  "puell_multiple": {
    "_note": "Post-halving floors rising: 2016=0.15, 2020=0.3, 2024=0.5+",
    "ranges": [[null, 0.4, 10], [0.4, 0.7, 8], [0.7, 1.0, 5], [1.0, 1.5, 3], [1.5, 2.0, 1], [2.0, null, 0]]
  },
  "mvrv_zscore": {
    "_note": "Bottoms getting shallower: 2015=-0.6, 2018=-0.4, 2022=-0.3, next may be ~0",
    "ranges": [[null, 0, 10], [0, 1.0, 8], [1.0, 2.0, 5], [2.0, 3.0, 3], [3.0, 5.0, 1], [5.0, null, 0]]
  },
  "drawdown": {
    "_note": "Drawdowns compressing: 2014=86%, 2018=84%, 2022=77%, future may max at 50-60%",
    "ranges": [[60, null, 10], [40, 60, 8], [25, 40, 6], [15, 25, 4], [5, 15, 2], [null, 5, 0]]
  },
  "price_vs_200w_sma": {
    "_note": "BTC spends more time above 200W SMA as it matures",
    "ranges": [[null, 0, 10], [0, 30, 7], [30, 60, 5], [60, 100, 2], [100, null, 0]]
  },
  "reserve_risk": {
    "ranges": [[null, 0.002, 10], [0.002, 0.005, 7], [0.005, 0.01, 4], [0.01, 0.02, 2], [0.02, null, 0]]
  },
  "rhodl_ratio": {
    "_note": "RHODL baseline rising with institutional adoption",
    "ranges": [[null, 200, 10], [200, 1000, 7], [1000, 5000, 4], [5000, 20000, 1], [20000, null, 0]]
  },
  "nupl": {
    "_note": "NUPL bottoms getting shallower as BTC matures",
    "ranges": [[null, 0, 10], [0, 0.3, 8], [0.3, 0.5, 4], [0.5, 0.75, 1], [0.75, null, 0]]
  },
  "lth_realized_price": {
    "_note": "Price stays further above LTH RP as BTC matures — 60% above is still a good entry in 2024+",
    "ranges": [[null, 0, 10], [0, 30, 7], [30, 80, 5], [80, 150, 3], [150, null, 1]]
  },
  "hash_ribbons": {
    "buy_signal": 10,
    "recent_recovery": 6,
    "normal": 3,
    "euphoria": 0
  }
}