What happened?
On-chain data and analyst reports show Bitcoin is trading north of $100k but is still far from a clear cycle peak. Analysts at Checkonchain map a $240k bull case (about 3.5x the prior cycle high) and say $300k is within the realm of possibility. Technicals also look bullish, with price respecting the 20-week moving average and a nearer-term chart target around $157k.
Who does this affect?
Retail and institutional investors watching or holding Bitcoin are directly affected because this analysis suggests more upside and a longer bull phase ahead. Traders and funds that rely on technical levels will be watching supports like $100–105k and the 20-week MA to size positions. Miners, altcoin investors, and macro allocators (including those tracking gold) will also feel the impact as capital rotates and market structure evolves.
Why does this matter?
If Bitcoin moves toward $157k and then $240–300k, it could pull meaningful capital from other assets and materially boost crypto market caps. A mostly spot-driven, shallow-drawdown rally makes it easier for institutions to increase allocations, which raises liquidity and the potential for larger flows into the space. That dynamic increases the odds of bigger rallies and late-cycle volatility, reshaping allocations across gold, equities, and broader risk assets.