Bitcoin (BTC) recently reached a new all-time high of $77,000. Despite this surge, analysis from Lookonchain suggests that the top of this bull cycle might still be ahead. Using five key indicators, the platform predicts more upside for Bitcoin.
Five Indicators Signal Further Upside for Bitcoin
In a recent analysis shared on X , Lookonchain highlighted five metrics that indicate Bitcoin’s price may continue to climb. These include:
- Rainbow Chart: This tool uses a logarithmic growth curve to project potential price trends. The chart suggests the current rally is not the market peak.
- 200-Week Moving Average Heatmap: This indicator also points to further gains, aligning with the Rainbow Chart’s bullish outlook.
- Relative Strength Index (RSI): Currently, the RSI hovers around 70, showing strong bullish momentum. Historical data, however, indicates that the top has not yet been reached.
- Cumulative Value Coin Days Destroyed (CVDD): The CVDD analysis supports the idea that Bitcoin has not yet hit its peak.
- 2-Year MA Multiplier: Bitcoin is trading between the red and green lines of this indicator. Since BTC hasn’t touched the red line, Lookonchain believes the bull top is still ahead.
Bitcoin’s Price Surge and Market Performance
According to CoinMarketCap data, Bitcoin is trading at $76,556, just below its new all-time high of $77,252 reached hours ago. BTC has gained 0.63% in the last 24 hours and is up 25.69% over the past 30 days.
Bitcoin’s market cap currently stands at $1.52 trillion, with a trading volume of $50.95 billion, down 13.69%. Over the past year, BTC has surged by 109%, holding a dominant 58.2% share of the total cryptocurrency market.
What’s Next for Bitcoin?
While Bitcoin’s price continues to rise, these key indicators suggest the bull cycle may not have peaked yet. If BTC maintains its upward trajectory, we could see new highs beyond $77K. However, investors should stay vigilant, as market conditions can change rapidly.
