Important points:
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Bitcoin’s on-chain data, despite reaching an all-time high of $126,000, shows no signs of overheating.
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Bitcoin’s cup and handle pattern is backed by multiple factors, with a goal of $300,000.
Bitcoin (BTC) traded at 4% below its record high of $126,000 on Monday. With BTC prices stabilizing around $122,000, several market analysts believe the bullish cycle is not over.
The Bitcoin market is not overheating yet
For crypto analyst Mark Moss, Bitcoin has yet to reach its peak range.
Bitcoin is trading near an all-time high, but its MVRV Z-score remains well below the level that has historically been associated with market highs. This divergence suggests that there may still be room for the current upward market.
Related: “Hundred Simulations” confirmed this month’s Bitcoin odds to $140,000 at 50%.
The MVRV Z score measures how much the market value of Bitcoin deviates from the realised value that actually substitutes for the capital invested in the network.
“Bitcoin is entering a new ATH, but it appears it’s not yet nearing the peak of the cycle,” Mark Moss said in an X post Tuesday.
He added that positive fundamentals, including quantitative easing (QE) by the US Federal Reserve, record spot BTC inflows, sustained purchases by Bitcoin financing companies, and a shift to market “subsidence trading” could boost Bitcoin prices in the fourth quarter of 2025.
Similarly, the coinglace bull market peak signal, the choice of 30 potential sell triggers aimed at grabbing the long-term BTC price highs, shows no signs of overheating. In fact, none of the indicators flash the top signal.
YouTuber Jess Martinez in particular highlighted the pie cycle top indicator, demonstrating that “there is still a lot of room for growth in Bitcoin.”
“The dollar is crashing and the global monetary system is falling apart. Given the market is far from the retail interest we see in 2021, we are still in a growth phase,” Martinez added:
“Pi Cycle Top Indicator is currently targeting $200,000 of Bitcoin.”
Cointelegraph also reported that the MVRV price range for short-term Bitcoin holders is well below overheating levels, suggesting that Bitcoin still has room for expansion.
Bitcoin price could rise to $300,000
The weekly candlestick chart shows the price was above the $69,000 cup and handle neckline in November 2024. The BTC/USD pair is still verifying breakouts and could rise to the maximum distance between the cup valley and neckline.
This will bring the 2025-2026 Bitcoin Cup and Handle breakout target of around $303,000, according to Chartist Gerd van Lagen.
Such a movement would be up 147% from current levels.
Technical analyst Jonathan Carter said, “The Bitcoin high is just the beginning,” and emphasized the same development on the two-day chart.
If the breakout is successful, the BTC/USD pair could “surge towards its targets of $135,000, $145,000 and $160,000,” adding:
“The long-term bullish target for this cycle is expected to reach between $200,000 and $250,000.”
As reported by Cointelegraph, strong profit-taking at high levels could lead to Bitcoin falling towards $114,000 in the short term, potentially becoming a late-long entry point before the upward trend resumes.
This article does not include investment advice or recommendations. Every investment or trading movement involves risk, so readers should do their own research when making decisions.