Bitcoin’s Healthy Uptrend: A Bullish Outlook for New All-Time Highs

As Bitcoin (BTC) continues to hover around $117,000, its momentum remains strong, with new all-time highs expected in the coming weeks. In fact, the latest research from on-chain analytics platform CryptoQuant suggests that the current price action shows room for further “expansion” at these levels. But what exactly is fueling this optimism, and how should investors approach Bitcoin’s ongoing bull market? Let’s dive in.
Bitcoin’s Strong, Healthy Uptrend
Bitcoin’s price action is far from overheating, according to a well-established leading indicator, the Network Value to Transaction Golden Cross (NVT-GC). This metric, which compares Bitcoin’s market capitalization to the value of on-chain transactions over a specific time frame, currently sits in “neutral” territory.

In fact, when the NVT-GC falls below -1.6, it typically signals a period of price upside. The most recent long signal occurred back in July, when the NVT-GC value hit -2.8, before rebounding to 0.3. CryptoQuant contributor Pelin Ay explains that this suggests a “healthy uptrend” rather than extreme overvaluation or undervaluation, signaling that Bitcoin’s price action remains robust.
Bitcoin Bull Market Still in Play
The NVT-GC indicator isn’t the only sign that Bitcoin’s bull market is not yet over. In July, another indicator—the Moving Average Convergence Divergence (MACD)—also flashed a “buy” signal, further suggesting that we haven’t yet reached the peak of this cycle.
CryptoQuant’s Axel Adler Jr. offers another compelling view. He notes that Bitcoin’s price is currently sitting just above the Short-Term Holders (STH) Realized Price, which sets the stage for a potential 1-2 week consolidation period. This could be followed by a sharp push toward new all-time highs, potentially hitting levels well above the current price.

While there are promising indicators, some analysts, like Pelin Ay, maintain a more cautious outlook. She sees a $150,000 target as a possible goal for Bitcoin as Q4 approaches. However, she also emphasizes that Bitcoin is not in a “high-risk zone” at this moment. Historical patterns show that Bitcoin could continue to climb toward the $120,000–$150,000 range in the next few months, but caution is always key.

As the market continues to show healthy signs of expansion, Bitcoin’s future looks promising. Investors may want to keep an eye on key indicators like the NVT-GC and MACD for more guidance, but for now, all signs point to Bitcoin maintaining its upward trajectory. While caution is always wise, it seems likely that Bitcoin could soon push towards new highs, with some analysts suggesting a potential $150,000 price point by the end of 2024.