Bitcoin News Today: Bitcoin Analysts See Further Upside Despite Recent Pullback

Despite a recent pullback from its all-time high of $122,000, top on-chain analysts are unanimous in their assessment that the Bitcoin bull run has not yet reached its peak. The current price of Bitcoin stands at approximately $118,848, but analysts remain optimistic about its future trajectory.

Key indicators that have historically signaled major market tops have not yet been triggered, according to reports from analytics firms CryptoQuant, Swissblock, and Glassnode. These firms suggest that the broader bull market structure remains intact, indicating that the rally has more room to run.

CryptoQuant contributor Axel Adler Jr. highlighted the “Bitcoin Peak Signal,” a tool that has accurately called major cycle tops since 2013. The chart, which overlays Bitcoin’s price history with peak signal indicators, shows that the current cycle has not yet triggered caution. Adler noted that the Peak Signal only appears at major market tops and has not shown up this time, suggesting that the market is not at a peak yet.

On-chain analyst Crypto Dan pointed out that Bitcoin’s recent price breakout differs from overheated mini-peaks seen earlier in March and December 2024. Despite the price rising even higher, the fact that overheating has significantly decreased suggests that Bitcoin could continue to break all-time highs and rise significantly in the second half of 2025. This indicates that the current uptrend may be sustainable rather than just a blow-off top.

Swissblock’s latest market review argued that the current price action doesn’t resemble previous tops. Drawing from BitcoinVector’s Optimal Signal, they noted that past BTC expansions typically lasted 15 to 30 days, and the current rally is only on day 12. This suggests that there is still room for growth. Additionally, capital is rotating into ETH, another hallmark of mid-cycle strength rather than exhaustion. Behavioral signals and liquidity metrics haven’t reached extremes, and indicators like the VWAP Liquidity and Speculation Index show no signs of euphoric risk-taking yet. Short-term holder unrealized profit is also well below historic peak levels.

Glassnode’s data provides a more cautionary, but not bearish, tone. Their analysis suggests Bitcoin is entering an overheated phase. Metrics such as the 7-day EMA of spent volume in profit by short-term holders surged to 82%, and realized profit-to-loss ratios are at 39.8x, both well above historical red zones. However, Swissblock noted that in past cycles, similar spikes occurred multiple times before an actual cycle top was reached. The recent breakout past $120k came after heavy accumulation between $93k–$109k, an area now likely to act as support during any pullback. “Cycle tops follow with a lag,” Glassnode concluded, “leaving room for further upside… [but] the market becomes increasingly sensitive to external shocks.”