Bitcoin's latest price action suggests that the ongoing bull market may still be in its early to mid stages. According to new data compiled by crypto analytics platform CoinGlass, a comprehensive suite of 30 on-chain and technical indicators continues to signal bullish momentum — with some analysts projecting a potential peak near $230,000 before the cycle concludes.

As of this writing, Bitcoin is trading at approximately $105,000, maintaining its upward trajectory after briefly testing resistance around $106,000 earlier this week. Despite these gains, CoinGlass analysts argue that most of Bitcoin’s traditional bull-market top signals — including metrics like the Pi Cycle Top, MVRV ratio, and long-term RSI — have yet to trigger.

30 Indicators Say: “HODL 100%”

The CoinGlass “Bitcoin Top Indicators” dashboard compiles a range of historical metrics known for signaling market peaks. Historically, when a majority of these tools flash red, Bitcoin is either at or near a major top.

But in mid-June 2025, none of the 30 indicators have fully flipped to bearish, suggesting that upside potential remains significant. Based on the patterns from previous cycles, the platform recommends that long-term investors maintain a full Bitcoin allocation — or in their words, “HODL 100%.”

“We are not in a blow-off top yet,” said crypto researcher Cas Abbe. “If history repeats, Bitcoin still has room to move between $135,000 and $230,000 in this cycle.”

 

Metrics Backing the Forecast

1. Pi Cycle Top Indicator
This historically accurate model uses moving averages to detect euphoric tops. Currently, it remains neutral — a sign that BTC has not yet entered a parabolic phase.

2. MVRV Ratio (Market Value vs. Realized Value)
Used to evaluate when BTC is over- or undervalued, the MVRV ratio hasn’t hit the extreme highs that marked past cycle tops in 2013, 2017, or 2021.

3. Long-Term RSI
Bitcoin’s Relative Strength Index on weekly and monthly timeframes remains below overbought zones, indicating that bullish momentum is still building — not exhausted.

Diverging Opinions: Resistance or Launchpad?

Not everyone is convinced. Technical analysts point to repeated rejections near current levels, noting similarities to late 2021 — when BTC stalled at ~$69,000 before crashing over 75% in the months that followed.

John Bollinger, creator of the Bollinger Bands, highlighted recent failures to break above the upper volatility band as a potential red flag.

“Price is struggling at resistance levels. That doesn't mean the run is over, but traders should be prepared for a pause or even correction,” he warned earlier this week.

Yet unlike 2021, today’s market is characterized by a strong institutional presence. With multiple spot Bitcoin ETFs now operating in the U.S. and daily inflows reportedly exceeding $1 billion in some weeks, analysts believe demand-side fundamentals are significantly stronger than in prior cycles.

What Comes Next?

If current momentum continues, and if on-chain indicators remain supportive, Bitcoin could be on track to test levels above $135,000 this summer, with $230,000 as a possible euphoric top later in the year.

Still, investors are urged to remain cautious. While macroeconomic tailwinds — like falling interest rates and renewed corporate interest — support a bullish scenario, sharp corrections are still possible.

For now, CoinGlass suggests long-term investors stay fully exposed, with little evidence of a top forming. However, traders should keep a close watch on resistance zones and volume profiles for early signs of reversal.

Bitcoin’s current trajectory points toward an explosive continuation — but as always in crypto, the final act of the bull market tends to be the most unpredictable.