Bitcoin is hovering near $118,000, but analysts believe the rally may still have legs.
According to on-chain data from Glassnode, the next major price milestone of $130,000 could be within reach—if BTC manages to stay above the critical $110,000 support zone.
The Market Value to Realized Value (MVRV) Extreme Deviation Pricing Bands, a model used to assess Bitcoin’s valuation relative to historical averages, suggests that the current price is still within a healthy growth zone. This metric compares Bitcoin’s market price to the average price at which coins were last transacted, offering a window into investor sentiment and potential overvaluation.
Since the start of 2023, Bitcoin has made a steady recovery, often gaining strength after breaking key technical levels. Now, with BTC approaching a range historically associated with previous bull market tops, all eyes are on whether it can sustain its momentum.
Ali Martinez, an on-chain analyst, stated that Bitcoin’s current ascent is notably calm. Unlike past peaks where investor behavior became frenzied, this rally has seen relatively modest inflows. Market data shows aggregate capital entering the crypto space is around $82 billion—significantly lower than the $135 billion recorded in late 2024, when BTC was priced near $96,000.
This disparity indicates that, despite Bitcoin’s massive price rise, investor sentiment has not yet reached extreme levels. With both technical indicators and on-chain flows suggesting further upside, analysts argue the market may not be close to topping out just yet.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/market/why-bitcoins-current-rally-may-just-be-getting-started/