There are analyses suggesting that Bitcoin has not yet reached the cycle peak. This is pointed out by on-chain analysts who look at the MVRV indicator, which in past cycle highs has risen to 3.0. But currently, it is at about 2.14.

In other words, the current market situation still has some room compared to past peaks, and from the perspective of the MVRV indicator, there is a possibility of attempting a new high within the next few months. Many traders are also watching the movement of this MVRV indicator, as it is one of the key indicators for judging cycle peaks.

Of course, there are no guarantees, but based on on-chain data, it signals that there is still upward potential remaining.