Bitcoin has not reached its peak, the new target could be up to 230,000 USD!

Although Bitcoin is fluctuating around the historical peak zone and has recorded an increase of over 30% in the second quarter, analysts still recommend that investors "stay tuned 100% of their positions" at the current price zone.

According to aggregated data from the analysis platform CoinGlass, the top 30 indicators used to identify a bull run market have not yet issued any sell signals, and even suggest that Bitcoin could increase by up to 120%, with a target range between 135,000 and 230,000 USD.

"Stay tuned 100%"

Although Bitcoin is entering a consolidation phase after a series of new price peaks, classic on-chain indicators have yet to show signs of market exhaustion. The dataset consists of 30 indicators selected by CoinGlass to detect signals warning of long-term peaks – but so far, none of the indicators have emitted signals of distribution or the end of the bull cycle.

Famous trader Cas Abbe shared on platform X that according to these models, Bitcoin could very well reach a price range of $135,000 to $230,000 in the current cycle. Among them, Abbe particularly emphasized three important indicators, including Pi Cycle Top, Market Value to Realized Value (MVRV), and Long-term Relative Strength Index (RSI). These indicators suggest that the market still has significant room for growth.

Prior to that, analysts had been monitoring the Pi Cycle Top and MVRV since March and noted that past bull run cycles only truly ended after these on-chain indicators fell into a "overheated" state.

According to the assessment from CoinGlass, based on the composite signals of the 30 indicators mentioned above, BTC is currently classified as an asset that should stay tuned 100% of its position.

Source: CoinGlass## Current developments compared to the peak period in 2021

However, not everyone is optimistic about the short-term prospects of the BTC/USD pair. Since bouncing back from the low of under 75,000 USD in April, Bitcoin has failed three times to break through the important resistance level, according to data from the Bollinger Bands indicator.

John Bollinger himself – the creator of this technical analysis tool – also warned this week that the price increase of BTC may give way to a sideways phase or even a complete reversal.

BTC/USD chart along with Bollinger Bands data | Source: John Bollinger/XSome other traders are also skeptical about BTC's ability to continue reaching new highs. Among them is Roman – a veteran trader who has compared the current price behavior to that of late 2021, just before the market entered an 80% decline.

"The current price movement seems more like a distribution model rather than accumulation. The price chart almost reflects the turbulent phase at the end of 2021. The price can hardly increase but is also not being pulled down immediately, indicating that the whales are taking advantage to offload their holdings during the pumps."

However, the critiques against the viewpoint "the bull run has ended" often revolve around the strong increase of institutional capital - which was completely absent in the previous 4-year cycle. In addition, the maturity level and liquidity of the crypto market today have significantly differed from that in 2021, leading many analysts to believe that a deep decline like in the past is unlikely to repeat.

Justin