As Bitcoin (BTC) slipped below $110,000 in the early hours today, speculation is mounting over whether the top digital asset has already peaked for this cycle. However, several crypto analysts believe the rally is far from over and that further upside could be on the horizon.
In an X post published today, crypto analyst Master of Crypto highlighted Bitcoin’s correlation with the global M2 money supply. The analyst noted that BTC tends to follow trends in global money supply and added that the current rally is ‘not done yet.’
According to the analyst, the global money supply typically leads BTC by around 10 weeks. If this pattern holds, Bitcoin could potentially reach $184,000 by the end of July 2025.
In another X post, Master of Crypto highlighted Bitcoin’s Network Value to Transaction Ratio (NVT). The analyst dubbed the ratio the ‘P/E ratio for Bitcoin,’ adding that BTC usually tops out whenever the ratio has spiked in the previous market cycles. They said:
Every cycle, when it spikes the top is in. 2018: NVT spiked. BTC dumped. 2022: Same story. 2025: It’s building…but not there yet. Still room to grow. But when NVT flashes red? Take your profits.
For the uninitiated, the NVT Ratio compares Bitcoin’s market cap to the dollar value of on-chain transactions. A high NVT may signal overvaluation, while a low NVT suggests strong network usage and potential undervaluation.
Commenting on BTC’s recent price action, analyst Jelle observed that the flagship cryptocurrency continues to follow the Power of Three pattern. If it avoids a major correction, BTC could surge to $140,000 in the coming months.
Meanwhile, crypto analyst Titan of Crypto shared a more conservative price target for BTC. The analyst stated that Bitcoin is breaking through a bullish pennant, eyeing a potential target of $113,000.
