Thomas Daniels
According to data compiled by CoinGlass, Bitcoin investors are advised to maintain a full allocation to BTC, as the leading cryptocurrency’s current trajectory suggests significant upside potential remains. Despite Bitcoin’s recent surge to fresh all-time highs, a comprehensive analysis of 30 market top indicators suggests the bull run is far from exhausted.
No Sell Signals Despite Record Highs
The CoinGlass study, which aggregates 30 of the most widely followed on-chain bull market peak indicators, shows that none are currently signaling a long-term market top. Historically, these metrics have served as reliable predictors of cycle peaks, yet the absence of any warning signs indicates Bitcoin’s upward momentum could extend substantially.
Prominent cryptocurrency analyst Cas Abbe emphasized this point on June 13, citing key models such as the Pi Cycle Top, Market Value to Realized Value (MVRV), and long-term Relative Strength Index (RSI). According to Abbe’s projections, Bitcoin could ascend to a price range between $135,000 and $230,000 in the current cycle. “This isn’t the top,” Abbe stated, reinforcing his bullish outlook.
Cointelegraph previously analyzed similar metrics earlier this year, highlighting how prior bull cycles concluded only after significant on-chain “overheating” was evident.
CoinGlass: Bitcoin Remains a ‘Hold 100%’ Asset
Despite Bitcoin’s recent consolidation following multiple record-breaking highs, CoinGlass continues to classify BTC as a “hold 100%” asset. Their assessment underscores the sustained strength of the market, as no major indicators suggest an imminent downturn.
Bitcoin (BTC) is currently trading at $104,884, marking a robust 30% gain in Q2. The absence of sell signals even at these elevated levels reinforces confidence in the long-term bullish structure of the market.
Diverging Market Sentiment Reflects 2021 Parallels
However, not all market participants share this optimistic view. Some analysts remain cautious, drawing parallels to Bitcoin’s late 2021 market behavior, which preceded an 80% correction.
Popular trader Roman compared current price action to the distribution phase seen in 2021. “The market shows more distributive than accumulative characteristics,” Roman remarked, suggesting that larger investors may be liquidating positions during price rallies.
Adding to this cautionary tone, John Bollinger, creator of the widely used Bollinger Bands volatility indicator, recently warned of a potential consolidation or full reversal. Bitcoin has faced three significant rejections from upper resistance levels as outlined by the Bollinger Bands since rebounding from April lows under $75,000.
Institutional Demand as a Stabilizing Force
Counterbalancing these bearish arguments is the growing institutional participation in Bitcoin markets, a factor largely absent during previous cycles. Today’s more mature and regulated market infrastructure may mitigate some of the extreme volatility witnessed in earlier years.
While short-term uncertainties remain, the structural narrative continues to favor Bitcoin’s long-term potential, with several models forecasting a climb towards the $230,000 threshold.
