Bitcoin (BTC) has experienced a minor increase in value following an announcement by US President Donald Trump regarding a successful airstrike on Iranian nuclear facilities. This action is intended to ease escalating tensions in the Middle East after a series of conflicts involving Iran and Israel. Despite this short-lived price movement, Bitcoin is still in a corrective phase, having faced challenges in surpassing the $110,000 resistance mark over the past month. Market sentiment continues to be influenced by global uncertainties and a period of technical stagnation.
In this context, a cryptocurrency analyst known as On-Chain College has pointed out two potential price targets for Bitcoin based on on-chain data. In a recent post on June 21, the analyst provided a favorable long-term outlook for Bitcoin, utilizing the Mayer Multiple, which assesses the relationship between Bitcoin’s current price and its 200-day moving average (200DMA). This metric helps to determine whether Bitcoin is overvalued, undervalued, or fairly valued by analyzing historical price trends.
Since the bull market began in the fourth quarter of 2024, Bitcoin has fluctuated between the 1.0x band (the 200DMA) and the 1.5x band, representing a mid-range price zone. Past struggles in Bitcoin's price have led to speculation about a potential market peak at the current high. However, the Mayer Multiple chart indicates that Bitcoin has historically reached a cycle price peak only after exceeding the 2.5x band. This suggests that there is still potential for price growth in the ongoing bull market.
The immediate price targets for Bitcoin are set at $96,000 (1.0x) and $144,000 (1.5x). There is considerable potential for Bitcoin to regain its bullish trajectory and approach the $144,000 mark, aligning with its defined range-bound movement. Conversely, there is also a likelihood of a decline back to $96,000, which On-Chain College believes would help eliminate weaker positions in the market before a significant bullish reversal occurs.
As of now, Bitcoin is priced at $102,700, reflecting a 1.50% decline over the past 24 hours. The cryptocurrency has also recorded losses of 2.94% over the week and 8.08% for the month. CoinCodex reports that general market sentiment remains neutral. However, analysts at CoinCodex anticipate a potential price breakout, projecting an ambitious target of $136,472 within the next five days. This level may coincide with the cycle market peak, with long-term forecasts suggesting prices of $138,379 in three months and $116,115 in six months.
