30 Bitcoin price top indicators hint at $230K bull market peak

Key points:

• Bitcoin all-time highs are no reason to sell, according to a list of 30 “bull market peak” indicators.
• Not one of the 30 indicators has flashed a long-term top signal so far.
• Market participants remain divided about whether BTC price action can really keep printing new records.

Bitcoin (BTC) investors should “hold 100%” at current prices — even amid all-time highs and Q2 gains of 30%.

A list of 30 bull market top indicators from monitoring resource CoinGlass still demands up to 120% more BTC price upside.

”Hold 100%” say 30 BTC price indicators

Bitcoin may be consolidating after repeated new all-time highs, but a giant list of classic onchain indicators shows no signs of market exhaustion at all.

CoinGlass’ curated “bull market peak” selection contains 30 potential selling triggers, and aims to catch long-term BTC price tops. Currently, not a single one of its components is flashing a top signal.

“According To these models $BTC will be $135K to $230K this cycle,” popular trader Cas Abbe wrote in part of an X post on the topic on June 13.

Abbe, in particular, highlighted three indicators — Pi Cycle Top, Market Value to Realized Value (MVRV) and long-term Relative Strength Index (RSI) — to demonstrate that the Bitcoin bull market still has plenty of room to run.

“This ain’t the top,” he concluded.

Cointelegraph was already tracking Pi Cycle Top and MVRV data in March, noting that prior bull markets had all ended with “overheating” visible onchain.

CoinGlass currently categorizes BTC as a “hold 100%” asset based on cues taken from the top 30 indicators.

Source: CoinGlass## Bitcoin price action draws 2021 comparisons

Not all market participants are so confident in the outlook for BTC/USD, especially in the short term.

Related: Bitcoin clings to $105K as opinions diverge on oil price outlook

As Cointelegraph reported, Bitcoin’s rebound from April lows under $75,000 has now seen three rejections from resistance as viewed through the Bollinger Bands volatility indicator.

This week, the Bands’ creator, John Bollinger, warned that the BTC price uptrend may give way to consolidation or even a full reversal.

BTC/USD chart with Bollinger Bands data. Source: John Bollinger/XOther market participants likewise doubt Bitcoin’s ability to build on existing all-time highs.

Among them is popular trader Roman, who this week likened the current climate to late 2021, just before the start of Bitcoin’s most recent bear market, during which BTC/USD fell 80%.

“This price action seems more distributive and not accumulative/bullish. Almost following the same choppiness at the end of 2021,” he argued to X followers.

“Notice how price can barely push higher without coming down - bigger players selling into pumps.”

Counterarguments to the bull market fizzling commonly revolve around institutional demand — something conspicuously lacking four years ago — as well as a more mature market environment.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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