Renowned Bitcoin analysts are convinced that the cryptocurrency will surpass the $123K mark, as various indicators suggest the current cycle is far from over. Despite Bitcoin being below $120,000 after recently hitting an all-time high near $123,000, the consensus among market experts is that the cycle hasn’t peaked yet.
Analytics company Bitcoin Vector asserts that despite the slowed momentum, a range of onchain metrics demonstrate Bitcoin’s cycle is not exhausted. “The momentum has decelerated, but the structure and fundamentals remain solid,” the firm stated in a recent post. They further added, “This is not a peak. It’s a coiled setup with support underneath.”
The Bitcoin Fundamental Index (BFI), which tracks network growth and liquidity, remains robust. Bitcoin Vector explained that while the BTC price is compressed, “fundamentals are taking a breather, not weakening.”
Swissblock, a private wealth management firm, echoed this sentiment, stating that Bitcoin’s price is “maintaining a bullish structure” in spite of consolidation within a narrow range of $116,500 and $120,000 since July 15.
Swissblock also highlighted Bitcoin’s short-term holder (STH) cost basis, indicating that these holders are still active and far from exhaustion. The STH cost basis refers to the average purchase price of investors who’ve held Bitcoin for less than 155 days.
On July 14, the price reached the “heated” band of this metric at its current peak but did not cross into the overheated zone. If it ascends to retest the upper band, it could establish new all-time highs at $138,000.
Meanwhile, CoinGlass’s bull market peak signals are not detecting any signs of overheating. These signals monitor 30 potential selling triggers to predict long-term BTC price tops. Currently, none of them are indicating a peak signal.
In conclusion, despite the cryptocurrency’s consolidation below all-time highs, the majority of indicators suggest that there is still room for growth before reaching a peak. However, as with all investments, potential investors should conduct their own research before making any decisions.
