Bitcoin Surges 37.5% to $105,490, Analyst Predicts $120,000 Peak

Bitcoin prices have seen significant gains in recent weeks, rebounding from a dip below the $75,000 mark in mid-April to trade as high as $105,490, marking a 37.5% increase. This price surge has caught the attention of crypto analysts, with renowned analyst Ali Martinez predicting that Bitcoin could reach a market peak of $120,000 before the current bull cycle concludes.

The Cumulative Value Days Destroyed (CVDD) is an on-chain metric that measures the total coin-days destroyed when dormant BTC moves, indicating the spending activity of long-term holders. A surge in CVDD suggests significant profit-taking by long-term holders, often signaling overheated market conditions. Conversely, reduced CVDD activity marks accumulation phases. According to Martinez, the current CVDD at $34,154, when extrapolated into multiple layers, provides insights into different aspects of the bull market.

One key layer in this extrapolation is the "Accessing Tops," which represents the upper band that the price has reached at major tops, such as $20,000 in 2017 and $69,000 in 2021. Currently, the "Accessing Tops" is around $120,000, suggesting this could be the next market peak of this bull run. Another important layer is the "Accumulating Phase 2," a second-tier support band that has repeatedly underpinned the price throughout 2025. It is presently positioned at $90,000, marking the first major support line for bulls.

With the current Bitcoin price at $103,242, Martinez emphasizes that preserving the price support at $90,000 is crucial for maintaining Bitcoin’s bull structure and enabling a potential rise to $120,000. At the time of writing, Bitcoin trades at $103,573, reflecting a slight market gain of 0.09% in the past day. The asset’s daily trading volume is down by 17.92%, indicating a fall in market participation. The next resistance level stands at $105,000, but Martinez has stated that major positive developments will only follow when a price close above $107,000 is achieved.

Bullish sentiments remain high, as illustrated by the impressive performance of Bitcoin Spot ETFs, which registered a net inflow of $1.81 billion in the past week. With a market cap of $2.04 trillion, Bitcoin continues to be the most valuable digital asset, holding about 62.8% of the crypto market. The current market conditions and on-chain data suggest that Bitcoin has the potential to reach new heights, but this will depend on maintaining key support levels and achieving significant resistance breakthroughs.