Key Points:
Despite BTC reaching a historic high of $126,000, on-chain data indicates that the market is not yet overheated.
The target for BTC's "cup and handle" pattern is $300,000, supported by multiple factors.
After hitting the historic high of $126,000 this past Monday, BTC is currently trading about 4% below that peak. As BTC prices consolidate around $122,000, many market analysts believe this bull market is not over yet.
Crypto analyst Mark Moss believes that BTC has not yet reached its peak market range.
Although BTC prices are close to historic highs, its MVRV Z-score is far below the historical levels typically associated with market tops. This divergence suggests that the current rebound may still have further upside potential.
The MVRV Z-score measures the deviation between BTC's market value and its actual value, with actual value referring to the capital that investors have actually put into the network.
Mark Moss stated on the X platform on Tuesday: "BTC has broken new highs, but it seems far from a cyclical peak."
He also mentioned that positive fundamental factors, including the U.S. Federal Reserve's quantitative easing (QE), record spot BTC inflows, continuous purchases by BTC treasury companies, and the market's shift to "devaluation trades," could drive BTC prices higher into the fourth quarter of 2025.
Similarly, CoinGlass's bull market peak signal, which selects 30 potential indicators that could trigger sell signals to capture long-term BTC price tops, currently shows no signs of an overheated market. In fact, all indicators have not issued any top signals.
YouTuber Jesus Martinez specifically pointed out the "Pi Cycle Top" indicator, proving that "BTC still has a lot of room for growth."
"The dollar is collapsing, and the global monetary system is disintegrating. Considering that the market has not yet seen retail investment interest like in 2021, we are still in a growth phase," Martinez stated, adding:
Cointelegraph also reported that the MVRV pricing range for short-term BTC holders is far below overheated levels, indicating that BTC still has room for expansion.
From a weekly chart perspective, BTC prices broke through the $69,000 "cup and handle" neckline in November 2024. Currently, the BTC/USD trading pair is still validating this breakout, and it may continue to rise, completing the maximum distance from the cup bottom to the neckline.
According to chart analyst Gert van Lagen's predictions, the target for this breakout is approximately $303,000 between 2025 and 2026.
This increase would mean that BTC prices would rise 147% from current levels.
Technical analyst Jonathan Carter stated: "BTC's new historic high is just the beginning," emphasizing similar patterns on the two-day chart.
He noted that after a successful breakout, the BTC/USD trading pair could "race towards targets of $135,000, $145,000, and $160,000," adding:
As Cointelegraph reported, with strong profit-taking at high levels, BTC may temporarily pull back to $114,000, potentially providing an entry point before further upward movement.
Related: "Predatory" traders squeeze Bitcoin long positions, BTC faces risk of dropping to $114,000.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) Still Has Room for Growth: Analysts Say $300,000 Price Target Remains Possible”
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