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Bitcoin (BTC) continues to stay above the $80,000 level, finding support after experiencing sharp declines.
At this point, Bitcoin showed its best weekly performance in two months, reaching a daily peak of $88,804 with a 4.24% increase, while one analyst predicted that BTC would reach $130,000 in 90 days.
As BTC regains its bullish momentum on the charts, Bitcoin researcher Axel Adler noted that the current price cycle, according to on-chain metrics, points to a healthy consolidation within a bull market rather than the beginning of a bear market.
Citing on-chain metrics like CVDD and the Investor Price Model, the analyst said that BTC is currently consolidating, not yet entering overheated territory this cycle.
Noting that the CVDD metric signals an ongoing “growth phase” for the market, the analyst said, “If BTC breaks through the key resistance in the $123,000 range, potential declines could occur as investors book profits.”
Finally, the analyst stated that he did not see the current correction as a temporary movement within the uptrend cycle, and said that macro recovery, the FED’s moderate rhetoric and clearer signals from Donald Trump’s tariffs could trigger a new rise.
*This is not investment advice.
