'This isn't a top': Here's why Bitcoin analysts say BTC will break $123K
Main Idea
Bitcoin analysts believe BTC's bull cycle has more room to run, with potential to break $123K and reach $138K, supported by strong fundamentals and on-chain metrics.
Key Points
1. Bitcoin's price is consolidating below $120,000, but analysts argue the bull cycle is not over, citing strong fundamentals and network growth.
2. The Bitcoin Fundamental Index (BFI) remains strong, indicating rising network growth and liquidity, with price needing to 'catch up' to fundamentals.
3. Short-term holder (STH) cost basis metrics suggest Bitcoin has room for expansion, with potential to reach $138K before overheating.
4. CoinGlass’ bull market peak signals show no signs of overheating, with 0 out of 30 top indicators triggering a sell signal.
5. Analysts highlight long-term indicators like Pi Cycle Top, MVRV, RSI, and Reserve Risk, indicating the bull market still has room to run.
Description
Several Bitcoin onchain metrics are suggesting that BTC’s market structure remains strong and the bull cycle has more room to run.
Latest News
- Crypto 'control' takes center stage at Roman Storm trial2025-07-23 22:30:25
- Asymmetric shifts funds strategy after investor posts losses on X2025-07-23 22:15:43
- Ether emerges as winner after crypto’s ‘watershed moment’: Bitwise2025-07-23 22:14:57
- SOL price drop to $180 would be 'golden' entry before rally to new highs2025-07-23 21:14:40
- Traditional companies enter the crypto treasury game with BTC, XRP and SOL buys2025-07-23 20:58:25