Bitcoin investors are being urged to stay the course — even as the price hovers around $104,548 and posts 30% gains in Q2.
A comprehensive set of 30 “bull market peak” indicators tracked by CoinGlass shows no current signs of a macro top. In fact, these on-chain signals imply that Bitcoin could still rally toward the $135,000–$230,000 range before reaching its cycle peak.
Still Room to Run, Say Analysts
Even with BTC consolidating after a series of all-time highs, the on-chain data suggests this isn’t the top. The CoinGlass index, which compiles 30 historical indicators that have previously marked market peaks, currently flashes a strong “hold 100%” recommendation.
Popular trader Cas Abbe highlighted three notable models — the Pi Cycle Top, Market Value to Realized Value (MVRV), and long-term RSI — as key metrics pointing toward ongoing bullish momentum.
“Based on these models, Bitcoin is far from done. We could be looking at $135K to $230K this cycle,” Abbe posted on X, adding, “This ain’t the top.”
Earlier this year, Cointelegraph reported similar findings when tracking these same models, noting that past market tops were accompanied by clear on-chain overheating — something not visible now.
Skepticism Remains Among Traders
Still, not everyone is convinced this uptrend can continue indefinitely.
Since bouncing from sub-$75,000 levels in April, Bitcoin has struggled to break cleanly through resistance — facing repeated rejections, as shown by the Bollinger Bands. The tool’s creator, John Bollinger, recently cautioned that BTC could be entering a phase of sideways action or even a deeper correction.
Trader Roman also sounded the alarm, drawing comparisons to the final months of 2021 — just before Bitcoin’s plunge into a lengthy bear market.
“This current movement feels more like distribution than accumulation,” Roman wrote on X. “It’s starting to resemble the choppy, uncertain price action we saw at the end of 2021 — where large players sold into every rally.”
The Institutional Factor
Despite bearish concerns, some believe this cycle is different. Institutional interest and a more evolved market landscape are offering support not present in previous runs — particularly 2021.
With the top 30 indicators still signaling room for growth, bulls remain hopeful that Bitcoin’s latest rally is just getting started.
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