Bitcoin Has Not Reached Its Peak: Market Experts Still See Great Potential

The debate over whether the recent peak price of Bitcoin marks the end of the bullish cycle is becoming increasingly lively, but according to market experts, evidence suggests otherwise: the market still has plenty of room for growth and the final peak has not yet appeared. No Excitement – Not Yet the Cycle Peak According to anonymous cryptocurrency analyst Bitblaze, the Bitcoin cycle peaks in the past have all been accompanied by clear signals. For example, in 2017 and 2021, Bitcoin not only increased but also exploded amid a strong wave of enthusiasm from retail investors, excitement from institutions, excessively hot on-chain indicators, and peak global liquidity. Currently, these conditions have not yet appeared. On-chain indicators are still far from the overly hot levels seen before cycle peaks. The Altcoin Season Index is at 65, indicating strength but still well below the 90+ mark seen before previous market peaks. In addition, the Bitcoin Reserve Risk remains at an extremely low level of 0.0023, indicating that long-term holders are still completely confident in the value of BTC and are not in a hurry to sell off. The MVRV Z-Score, an important measure of the cycle, is only at 2.1 compared to the 7-9 overheated levels in previous peaks. Even the Pi Cycle Top Indicator does not show any warning signs, as the important moving averages are still far apart, while the 12-month RSI remains high but has not reached the 90-100 range seen at previous euphoric peaks. These on-chain signals indicate that the market is strong but not yet overbought. Liquidity Remains Bullish – No Signs of Depletion Liquidity conditions also reflect a similar picture. Global liquidity is still expanding and is expected to peak as early as Q1 2026. Previous peaks were often accompanied by a decrease in liquidity and tightening policies from central banks, but currently, the opposite trend is occurring, as loosening conditions continue to support growth. The "liquidity bands" of Bitcoin and Ethereum also confirm that the current valuations remain reasonable. Bitcoin has not surpassed the liquidity mark of 167,000 USD and ETH is still below 6,100 USD, indicating that both of these assets have room for bullish movement before encountering true resistance levels. Meanwhile, liquidity in the US, which strongly affects altcoins, is accelerating with a 4.8% increase in the money supply compared to the same period last year – the fastest rate since mid-2022. In this context, declaring that the market has peaked is too early. Technical Chart Remains Bullish Technical analysis also leans towards a bullish trend. Bitcoin dominance has just lost a three-year bullish trend and has shown the first bearish candle since 2021, indicating that altcoins may strengthen instead of the market collapsing immediately. ETH/BTC has also returned to the Gaussian channel for the first time in 5 years, opening up relative growth opportunities for Ethereum. At the same time, the "Others/ETH" ratio shows that altcoins are at historically oversold levels, similar to the accumulation zones that appeared in March 2020, November 2022, and April 2025 – all forecasting the next surges. Historical peaks occurred during extreme euphoria, not in the context of a cautious or fearful market, and currently, market sentiment remains cautious. Conclusion Overall, on-chain indicators, liquidity conditions, and technical analysis all suggest that Bitcoin and the cryptocurrency market still have room for growth. Despite having made impressive strides recently, the market has not yet shown signs of a cycle peak, and it is highly likely that bullish opportunities are still ahead.