'This isn't a top': Here's why Bitcoin analysts say BTC will break $123K

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.