Bitcoin News Today: Bitcoin Still in Mid-Cycle Bull Phase Despite 8.3% Price Dip

Bitcoin’s price surge above $120,000 has intensified discussions around its current stage in the market cycle. On-chain metrics, particularly the Satoshimeter—an indicator developed by crypto analyst Stockmoney Lizard—offer a detailed perspective on where Bitcoin stands. According to the analysis, Bitcoin is still in the mid-phase of its cycle, with substantial upside potential ahead [1].

The recent climb from $100,000 to a new all-time high of $123,000 has drawn renewed attention to on-chain data for evaluating Bitcoin’s market positioning. Stockmoney Lizard’s analysis, shared on X, indicates that the cryptocurrency is not yet approaching the euphoric peak levels seen in previous bull cycles. The analyst stresses that the current rally is in the intermediate phase of the bull cycle, rather than the final leg [1].

The Satoshimeter uses on-chain metrics to map Bitcoin’s cyclical behavior, historically identifying both major bear market bottoms and cycle tops. Readings around 1.6 have historically aligned with significant bear market bottoms in 2011, 2015, 2019, and 2022. Conversely, higher values have coincided with market peaks, often followed by sharp corrections [1].

Currently, the Satoshimeter remains well below upper extremes, indicating that Bitcoin has not yet entered an overheated phase. The analyst’s chart highlights that past market tops were marked by steep spikes in the indicator, aligning with parabolic price action and extreme sentiment. Presently, the readings are elevated but stable, sitting in the mid-range and below levels observed at past cycle tops. This suggests that Bitcoin’s broader bullish structure remains intact [1].

Based on the Satoshimeter’s current level, Stockmoney Lizard projects an extended bullish trend for Bitcoin. The analyst anticipates a stair-step progression toward a potential high of $200,000 before a significant correction occurs. This projection is informed by historical patterns where Bitcoin typically moves through accumulation, breakout, and parabolic growth phases. As of the latest report, Bitcoin was trading at $113,759, an 8.3% decline from its recent peak. The $200,000 target implies a potential rally of more than 75% in the current cycle [1].

Source: [1] Satoshimeter Shows Where Bitcoin Price Is In This Cycle (https://www.newsbtc.com/news/bitcoin/satoshimeter-shows-where-bitcoin-price-is-in-this-cycle/)