As Bitcoin (BTC) prices fell below $110,000 in the early hours of this morning, people are experiencing a peak in the cycle. However, several crypto analysts believe that the rally is far from over and further upside may occur.
Bitcoin rally is not over yet, analysts say
In X posts published today, crypto analyst Crypto Master Emphasizes the correlation between Bitcoin and the global M2 currency supply. Analysts point out that BTC tends to follow trends in global money supply, adding that the current rally is “not completed yet.”
According to analysts, global money supply generally leads BTC by about 10 weeks. If this model holds, Bitcoin could hit $184,000 by the end of July 2025.
In another X post, crypto master highlights Bitcoin’s network value and transaction rate (NVT). The analyst called it “Bitcoin’s P/E ratio” and added that BTC is usually the highest when it rises in previous market cycles. They said:
Every cycle spikes to the top. 2018: NVT peak. BTC fell in love. 2022: The same story. 2025: It is under construction…but not yet. Space that can still grow. But when NVT flashes red? Take your profits away.
For beginners, the NVT ratio compares the market value of Bitcoin with the dollar value of chain transactions. High NVT may signal overestimation, while low NVT indicates strong and potentially underestimation of the network.
Similarly, crypto trader Merlijn trader shares the following BTC daily chart showing Golden Cross – Bullish signal for the 50-day moving average exceeding the 200-day moving average. The last two golden crosses resulted in 162% and 73% gains, respectively.
How high is the surge in BTC?
Commenting on BTC’s recent price action, analyst Jelle observed that flagship cryptocurrencies continue to follow the power of three modes. If major corrections are avoided, BTC could increase to $140,000 in the next few months.
Meanwhile, Crypto’s crypto analyst Titan is more conservative about BTC’s target price. Bitcoin is breaking into the bullish pennant with a target of $113,000, the analyst said.
Similarly, experienced market observer Ted Pillow predict BTC may reach $120,000 when it enters the final stage of Wyckoff accumulation mode. Chain analyst Burak Kesmeci put His target price is $159,000.
Cathie Wood of Ark Investment has done a bold move in the long run prophecy BTC will reach $1.5 million by 2030. At press time, BTC traded at $109,616, down 1.1% in the past 24 hours.
Featured images from Unsplash.com, charts from X and TradingView.com
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