Whereas Bitcoin (BTC) has declined greater than 13% from its contemporary all-time excessive (ATH) of $126,199 recorded earlier this month on October 6, CryptoQuant contributor PelinayPA is assured that there’s a 55% likelihood that the BTC prime for this market cycle will not be in but.

Bitcoin High Not In But – Extra Upside Forward?

In accordance with a CryptoQuant Quicktake put up by contributor PelinayPA, there’s a 55% chance that the Bitcoin prime for the continuing market cycle will not be in but. The analyst highlighted BTC’s current on-chain flows to assist their declare.

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Of their evaluation, PelinayPA famous that though BTC’s value has tumbled from greater than $126,000 to round $109,000 within the second half of 2025, there was a noticeable improve in 0-1 day BTC inflows to exchanges.

An increase in 0-1 days BTC inflows to change usually has two implications – short-term merchants are taking income, and there’s a short-term section of repositioning of liquidity as merchants switch their holdings to exchanges, anticipating value volatility.

The analyst added that BTC held for greater than six months is basically inactive, indicating that long-term holders are probably not promoting regardless of the current market crash. This alerts market confidence amongst long-term holders, minimizing the potential for one other main sell-off within the close to time period.

PelinayPA remarked that such habits usually happens within the mid or maturing phases of a bull cycle, the place any dip in value is seen as a chance to build up as an alternative of a development reversal. 

At the moment, the Bitcoin market is in a pure consolidation section inside an ongoing uptrend. The analyst added:

Within the quick time period, Bitcoin might revisit the $102K area as quick time period merchants proceed to take income. Nonetheless, since this promoting strain originates primarily from newer holders, it’s unlikely to disrupt the broader bullish construction. These dips could supply engaging entry alternatives.

Concluding, Pelinay commented that the dearth of promoting exercise amongst BTC holders within the 6-months to 10-year time-band vary reveals that there’s a 55% chance that the bull market prime has not but fashioned.

BTC Might Dip To $102,000

The CryptoQuant contributor famous that, though it’s probably that the BTC bull market prime will not be in but, it doesn’t imply that the highest cryptocurrency wouldn’t see additional short-term decline. If promoting persists, BTC might as soon as once more take a look at the $102,000 assist degree.

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Equally, crypto analyst Elliot Waves Academy remarked that BTC has probably completed the bullish leg of the continuing market cycle. The analyst added that BTC is prone to consolidate round its present ranges. 

That stated, a fellow CryptoQuant contributor famous that BTC has entered the ‘disbelief section,’ and should take the bears abruptly with a pointy surge in value. At press time, BTC trades at $108,472, down 2% prior to now 24 hours.

Featured picture from Unsplash, charts from CryptoQuant and TradingView.com