In the ever-evolving world of cryptocurrency assets, determining Bitcoin’s peak has always been a major topic and challenge in the industry as the bull cycle continues to gain momentum. However, a market expert analyzing BTC’s performance and key metrics has predicted that the digital asset is still far from reaching the peak of this ongoing cycle.

Bitcoin is far from the peak of this cycle

Recent data from the Bitcoin Onchained Index shows that BTC may still have a long way to go before it reaches the peak of its cycle, suggesting that the flagship cryptocurrency has a lot of upside potential after a steady price recovery over the past few days. This index, which normally monitors important indicators such as market trends, long-term holder attitudes and network activity, suggests that Bitcoin is in a Savings period rather than approaching a market peak.

Kyle Doops, market expert and host of Crypto Banter, divided the development on the X platform (formerly Twitter). According to the expert, the Onchained Index is a cutting-edge tool that uses investor behavioral research to identify highs and lows in the BTC market.

Currently, Kyle Doops highlighted that the index shows that BTC is still far from reaching its peak in this ongoing bull cycle and that the price could still increase by two to three times before it reaches its peak. Considering the current value of BTC, after this two to three times growth, the price of the coin will be between $127,000 and $191,000 at the end of the bull run.

The expert considers the index to be a trusted benchmark for savvy investors as it has shown reliable and accurate performance over the past 13 years. As the largest cryptocurrency asset continues to gain value, this index offers an optimistic outlook for the future development of Bitcoin.

The post read:

The 0nchained Index is a cutting-edge tool that determines the highs and lows of the #Bitcoin market by analyzing investor behavior. Right now, it signals that we are still far from the peak, suggesting a possible two- to three-fold price increase. With a track record since 2011, it is a reliable indicator for savvy investors.

In another X postKyle Doops also looked at the Short-term holders The market value to realized value ratio (STH-MVRV) for Bitcoin recently fell below 1.0. The decline in the STH-MVRV ratio simply means that new investors are taking losses.

As evidenced by this month’s Bitcoin crash, triggered by the Japanese stock market downturn, this development marked by unrealized losses could amplify selling pressure and increase the likelihood of panic and capitulation among these short-term holders.

BTC price recovers strongly

After consolidating between the price levels of $58,000 and $60,000 for a while, BTC finally broke the $65,000 zone on Sunday. With this new price momentum, the crypto asset could see further gains in the coming days.

Although BTC price Today, the price has dropped to around $63,800 due to strong resistance at $65,000, but it is still up over 8% in the past week, according to data from CoinMarketCap. Despite the price increase, its market capitalization and trading volume have decreased by 0.32% and 4.38%, respectively, in the last 24 hours.

Featured image from iStock, chart from Tradingview.com