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Essential insights:
Bitcoin (BTC) is still positioned below $120,000 after achieving a new all-time high close to $123,000 last week. As BTC price stabilizes, many market experts are confident that the cycle is not yet concluded.
Here are the factors that lead analysts to believe that the Bitcoin bull market has not reached its peak.
Bitcoin fundamentals remain robust
Analytics company Bitcoin Vector stated that while Bitcoin’s momentum has diminished, several on-chain indicators imply that Bitcoin’s cycle is not finished.
“Momentum has decreased, but structure and fundamentals are still firm,” the firm commented in a Tuesday update on X, stating:
“This isn’t a peak. It’s a coiled setup with support beneath it.”
Related: New Bitcoin analysis notes ‘most explosive phase’ approaching $140K
The Bitcoin Fundamental Index (BFI) remains robust, indicating increasing network growth and liquidity, as illustrated in the chart below.
With BTC price under strain, “fundamentals are on hold, not declining,” Bitcoin Vector explained, adding:
“It’s the price that requires alignment.”
In the near term, buyers might simply be awaiting confirmation of the breakout, as Bitcoin serves as the “structural anchor” for the entire crypto market, noted private wealth manager Swissblock.
Bitcoin is maintaining structure.
→ Risk is contained. Fundamentals are supportive.
→ But momentum is gentle. Bulls are cautious.
→ Rotation is dynamic. BTC remains the foundational layer.
→ Alts carry the upward potential.This isn’t a peak — it’s a transition.
— Swissblock (@swissblock__) July 22, 2025
Meanwhile, BTC price is “maintaining a bullish structure” even as it has been consolidating within a narrow range between $116,500 and $120,000 since July 15. Bitcoin Vector added:
“No breakdown. No breakout. Just waiting for ignition. Once momentum aligns, the breakout continues.”
On-chain metrics suggest “space for growth“
Analyzing Bitcoin’s short-term holder (STH) cost basis, Swissblock mentioned that STHs are still engaged and not depleted.
STH cost basis refers to the average purchase price of traders who have held Bitcoin for less than 155 days.
The price reached the “heated” range of this metric on July 14, when it attained its current all-time high, but did not enter the overheated area.
If it rises to test the upper boundary — aligning with two standard deviations above the STH realized price — it could achieve new all-time highs at $138,000.
“Profit-taking is visible, but the STH risk zone at $138K hasn’t been reached,” Swissblock noted, adding:
“This indicates there’s still capacity for growth before we observe any panic selling or excessive enthusiasm.”
30 Bitcoin price peak indicators recommend “hold 100%”
Bitcoin may be consolidating beneath the all-time highs, but CoinGlass’ bull market peak indicators also demonstrate no signs of overheating.
The bull peak indicators refer to a selection of 30 potential selling signals and aim to identify long-term BTC price peaks. Currently, none of the indicators are signaling a peak.
“0 out of 30 peak signals have triggered on CoinGlass’s Bitcoin Bull Market Peak Dashboard,” popular analyst CryptosRus posted in an X update on Monday.
CryptosRus specifically emphasized four long-term indicators — Pi Cycle Top, Market Value to Realized Value (MVRV), relative strength index (RSI) and Reserve Risk— to illustrate that the Bitcoin bull market has ample potential to advance further.
“Historically, the more indicators this list validates, the closer we approach a blow-off peak. For now? Green lights.”
According to CoinGlass, Bitcoin is presently classified as a “hold 100%” asset based on signals from the top 30 indicators.
This article does not contain investment advice or recommendations. Every investment and trading decision carries risks, and readers are encouraged to conduct their own research before making any investment decisions.
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