All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Indicators like RSI, NUPL, and MVRV-Z show Bitcoin’s (BTC) current cycle is far from reaching its peak.
- Historical patterns suggest Bitcoin’s potential for further growth remains strong, supported by multiple technical indicators.
In a recent video, crypto analyst Lark Davis asserted that Bitcoin’s current cycle high is not even close, despite market skepticism. Davis clarified why Bitcoin still has outstanding upward potential using several chart analyses—a trend that would also help altcoins.
With markers like the RSI, NUPL, MVRV-Z, and Fibonacci retracements—all of which point to the top not being near—he supported his position.
Indicators Suggest Bitcoin Is Still in Its Mid-Cycle Phase
On the monthly chart, Davis emphasized the Relative Strength Index (RSI), which historically marks above 90 at cycle peaks. With Bitcoin’s RSI just reaching 76 in the current cycle, there is still plenty of room for increase.
When compared to past cycles, such as 2017 and 2021, Davis saw how significant price swings aligned with RSI increases over the 90 mark. He noted that Bitcoin is still in its mid-cycle rather than approaching a top without the trademark “euphoria” phase.
Davis looked over the Net Unrealized Profit/Loss (NUPL) chart to bolster his assertion even more. Usually, the price of Bitcoin rises when the NUPL moves into the “Euphoria” zone. Still, the present data puts Bitcoin in the “Believe-Denial” phase, far from the projected top zone.
Comparably, another on-chain indicator—the MVRV-Z score—has not yet reached the levels usually connected with market tops. Whereas the present cycle stays much below these criteria, past cycles saw the MVRV-Z score rise into the upper levels.
Fibonacci and Indicators Show Room for Further Growth
Davis also covered Fibonacci retracements, stressing that Bitcoin had encountered its first significant resistance at the 1.618 level, around the $100,000 level. Prices in past cycles often peaked close to the 4.236 level, surpassing this figure quite often.
If such trends maintain, Bitcoin might perhaps reach between $200,000 and $250,000 in this cycle. It depends on market conditions; even greater peaks are possible.
Also, Davis underlined the need of looking at several indicators taken together instead of depending just on one metric. Supported by both technical and fundamental considerations, he indicated hope for ongoing price activity.
Those expecting an impending top might have to adjust their expectations, according to Davis, since the data clearly shows the Bitcoin bull run has much more to go.
Besides that, CNF’s prior report has highlighted an analyst who sees the crypto market as poised for further growth, with Bitcoin and altcoins continuing their upward trend amid normal corrections. According to the analyst, Bitcoin’s long-term targets are $122,000 and $133,000, with a significant market top expected by the end of 2025.
On the other hand, Mayor Ken Sim’s proposal to integrate digital assets into Vancouver’s financial operations has been approved for further exploration. While supporters highlight innovation, critics point to environmental concerns and potential misuse for money laundering, as we recently reported.
Meanwhile, as of writing, BTC is swapped hands at about $100,485.71, up 2.08% over the last 24 hours, where the price has been trying to recover from a multi-day correction, a sign of growing investor confidence.
