According to CoinGlass data, none of the 30 on-chain indicators indicating that Bitcoin has reached a long-term peak are giving a sell signal yet. Despite being at all-time highs, these indicators do not provide a reason for a price decline.
Among the 30 different indicators examined so far, no long-term peak signal has been observed. Market participants have different views on whether BTC can break new records.
Bitcoin investors prefer to hold 100% of their assets at the current price levels despite the approximately 30% increase recorded in the second quarter.
The list prepared by CoinGlass consisting of 30 on-chain indicators aimed at detecting the bull market peak shows that there is still a potential increase of up to 120% in BTC price.
30 indicators are giving a 'hold all' signal
Bitcoin may be in a consolidation phase after reaching new all-time highs. However, a comprehensive analysis of on-chain indicators does not show signs of exhaustion in the market.
None of the 30 potential selling triggers CoinGlass refers to as the 'bull market peak' have yet given a peak signal for BTC.
Popular investor Cas Abbe stated in a message shared on Twitter on June 13, "According to the models, Bitcoin will be between $135,000 and $230,000 in this cycle."
Abbe emphasized that Bitcoin's bull market still has a lot of room to continue, especially pointing to the Pi Cycle Top, MVRV (Market Value to Realized Value), and long-term RSI (Relative Strength Index) indicators.
"There is no peak here," he concluded.
In March, Cointelegraph also examined Pi Cycle Top and MVRV data, noting that previous bull markets ended with signs of 'overheating' in on-chain data.
CoinGlass evaluates Bitcoin as an asset that should be 'held 100% based on current data.'
However, all market participants do not agree on the short-term BTC/USD price outlook.
After Bitcoin's recovery from the lows below $75,000 in April, the Bollinger Bands indicator showed that the price faced resistance three times.
This week, Bollinger Bands developer John Bollinger warned that the upward trend in Bitcoin price could indicate either consolidation or a reversal.
Some investors are questioning Bitcoin's ability to break new records above its current all-time highs. One of them, the popular trader Roman, compared the current market situation to the conditions at the end of 2021.
After the volatility experienced at the end of 2021, Bitcoin entered a bear market, losing about 80% of its value.
Roman commented, "This price movement resembles more of a distribution phase; it doesn't look like accumulation or an upward trend. It is almost identical to the movements at the end of 2021."
Additionally, he said, "The price is almost not being pushed up, large investors are selling during rallies."
On the other hand, those who oppose the view that the bull market has ended emphasize that there is much more institutional demand and a matured environment in the market today compared to four years ago.
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