Was That the Top for Bitcoin? Top On-Chain Analysts Say No

Key Points

1. CryptoQuant's 'Peak Signal' indicator, which has accurately predicted past Bitcoin tops, has not yet flashed, suggesting the current pullback is not the cycle peak.

2. On-chain metrics indicate room for growth, with analysts noting that Bitcoin's price could rise significantly in the second half of 2025.

3. Swissblock's analysis shows the current market structure remains bullish, with the rally only in its early stages and capital rotating into Ethereum, a mid-cycle hallmark.

4. Glassnode data indicates Bitcoin is in an 'overheated' phase short-term but remains bullish long-term, with historical patterns suggesting further upside before a cycle top.

5. Recent price action includes a breakout past $120k after heavy accumulation between $93k–$109k, which may now act as support during pullbacks.