- CoinGlass tracks 30 key Bitcoin market indicators, with all signaling no peak yet.
- Despite caution, strong institutional demand and neutral-to-bullish technicals support a continued upward trend for Bitcoin.
Bitcoin investors may have seen significant gains this year, with CoinGlass data showing that the ride may not be over yet. A new update shows that all 30 key market indicators the platform tracks are still far from signaling a cycle peak. Notably, projections suggest that Bitcoin could rise as high as $230,000 in this bull run.
No Bitcoin Top in Sight as CoinGlass Indicators Stay Cold
In a major development, CoinGlass has compiled a list of 30 market indicators that help track Bitcoin’s bull market cycle and signal when it may be time to sell.
According to the update, these indicators include well-known tools like the Pi Cycle Top Indicator, MVRV Z-Score, and the 2-Year Moving Average Multiplier. As of June 14, none of these signals have reached levels that typically suggest a market top.
For example, the Bitcoin Ahr999 Index currently reads 1.04, far below the reference value of 4, suggesting a top. The Pi Cycle Top Indicator sits at 106,046, while its warning level is over 165,000. The popular Puell Multiple, used to track miner behavior, remains at 1.28, when peaks in the past have occurred above 2.2.
All 30 indicators, including trend tools, long- and short-term holder data, and macro models like Smithson’s Forecast, fail to flash red. CoinGlass labels the market in a Hold 100% zone, a stance rarely taken when prices have already seen 30% gains in one quarter.
It is important to add that even the Bitcoin Rainbow Chart is often used as a visual guide to spot overheated levels. This is currently in its lower bands, suggesting that BTC has room to climb.
Meanwhile, as 30 market indicators in our previous news brief, Bitcoin recently recovered, breaking past $108,500 as the United States and China engaged in talks in London. However, it soon pulled back and is currently trading at $105,053.78.
Additionally, in news that could impact Bitcoin’s price outlook, CNF reported that President Donald Trump recently indicated he may soon announce a replacement for Federal Reserve Chair Jerome Powell. This development has unsettled markets, with analysts warning it could trigger renewed volatility in traditional finance and cryptocurrencies.
Mixed Market Sentiment, But Long-Term Outlook Remains Strong
While CoinGlass data points to a continued bull run, not everyone is convinced. Some analysts are comparing current price behavior to late 2021, when Bitcoin showed signs of weakness before a major fall. Resistance rejections support this concern, observed through the Bollinger Bands indicator.
Again, John Bollinger has hinted at possible price consolidation or a reversal. Trader Roman also expressed doubt, noting that the market appears more distributive than accumulative, hinting that bigger players might be selling into the rallies.
However, others argue the situation is different now. Unlike 2021, institutional demand is now more visible. For context, in a recent post, we covered that Bitcoin treasure company Strategy now holds 580,250 Bitcoins, valued at around $60.37 billion. Also, the market has matured with better infrastructure and awareness.
With most technical indicators still neutral or bullish, many long-term investors are holding tight and eyeing the next peak of the $135,000 to $230,000 range. Still, as reported by Crypto News Flash, Bitcoin ETFs experienced net inflows of $165 million.
