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Even after hitting a new high of almost $123,000 last week, Bitcoin (BTC) is hovering under the $120,000 mark. Despite this consolidation, many market watchers believe the current market cycle still has room to run.
Here’s a breakdown of the arguments supporting the idea that Bitcoin’s bull run isn’t over yet.
Strong Underlying Factors Support Bitcoin
Analytics firm Bitcoin Vector observed that while Bitcoin’s upward pace has slowed somewhat, numerous on-chain indicators suggest that the current market cycle is far from finished.
“The rapid climb has cooled down, but the underlying structure and fundamental health remain robust,” the company stated in a recent post, adding:
“This isn’t the peak. It’s more like a compressed spring, with solid support underneath.”
Related Reading: Fresh Bitcoin Analysis Suggests a “Most Explosive Phase” Targeting $140K is Imminent
The Bitcoin Fundamental Index (BFI) remains at a strong level, pointing to ongoing network expansion and ample liquidity, as illustrated in the chart below.
With Bitcoin’s price currently compressed, Bitcoin Vector explained that “the underlying factors are pausing, not declining,” and emphasized that:
“It’s the price that needs to play catch-up.”
In the near term, buyers might simply be awaiting confirmation of a breakout, as Bitcoin serves as the “structural foundation” for the broader cryptocurrency landscape, according to private wealth manager Swissblock .
Bitcoin is holding structure.
→ Risk is contained. Fundamentals are supportive.
→ But momentum is soft. Bulls are cautious.
→ Rotation is active. BTC stays the base layer.
→ Alts carry the upside torque.This isn’t a top — it’s a transition.
— Swissblock (@swissblock__) July 22, 2025
In the meantime, Bitcoin’s price is “maintaining a bullish formation,” even as it consolidates within a narrow range of $116,500 to $120,000 since July 15th. Bitcoin Vector further noted:
“No collapse. No surge. Just a period of waiting for the spark. Once the momentum picks up, the upward movement will resume.”
On-Chain Data Indicates “Potential for Further Growth”
Examining the cost basis of Bitcoin’s short-term holders (STH), Swissblock suggests that STHs remain active and have not yet reached a point of exhaustion.
The STH cost basis represents the average purchase price among investors who have held their Bitcoin for fewer than 155 days.
The price briefly touched the “heated” zone of this metric on July 14th, coinciding with its recent all-time peak, but it didn’t actually enter the “overheated” territory.
If the price were to rise again and test the upper boundary – which aligns with two standard deviations above the STH realized price – it could potentially reach new all-time highs around $138,000.
“While profit-taking is happening, the STH risk threshold at $138K hasn’t been breached,” Swissblock stated, adding:
“This implies that there’s still capacity for further expansion before any widespread panic selling or extreme excitement takes hold.”
30 Bitcoin Price Indicators Suggest “Hold 100%”
Even though Bitcoin is consolidating beneath its record highs, CoinGlass’s bull market peak signals show no signs of being overextended.
These bull peak signals represent a collection of 30 potential selling triggers, aimed at identifying long-term tops in Bitcoin’s price. At the moment, none of these indicators are signaling a top.
“0 out of 30 top signals have been activated on CoinGlass’s Bitcoin Bull Market Peak Dashboard,” analyst CryptosRus mentioned in a post earlier this week.
CryptosRus specifically highlighted four longer-term indicators – the Pi Cycle Top, Market Value to Realized Value (MVRV), the relative strength index (RSI), and Reserve Risk – to illustrate that the Bitcoin bull market still has considerable room for further growth.
“Historically, the more signals from this list that are triggered, the closer we are to a significant peak. For now, it’s all systems go.”
According to CoinGlass, Bitcoin is currently categorized as an asset to “hold 100%” based on the collective insights derived from these 30 indicators.
This content is for informational purposes only and should not be construed as investment advice. Trading and investing carry significant risk, and individuals should perform thorough due diligence before making any decisions.
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