BTC/USD — New All-Time High at $125K, But On-Chain Metrics Show Bitcoin / U.S. dollarBITSTAMP:BTCUSDJohn_IsigeBitcoin broke above $125,000 for the first time on Saturday, setting a new all-time high. While the market debates whether this marks a cycle top, major on-chain indicators suggest there’s still room before overheating. ⸻ 🔹 MVRV-Z Score The MVRV-Z Score sits at 2.5, well below past cycle tops — 7.1 in 2021 and over 10 in 2017. Historically, this metric signals local tops within two weeks when crossing the 7–9 range. ➡️ Interpretation: Market far from overheated. ⸻ 🔹 Puell Multiple Currently at 1.1, compared with 3.5 (2021) and 6.6 (2017). ➡️ Interpretation: Miner selling pressure remains limited; structural health intact. ⸻ 🔹 Pi Cycle Top Indicator The 111DMA is near $113,000, and 2×350DMA around $199,000 — no crossover in sight. ➡️ Interpretation: Significant upside potential remains before a top signal triggers. Key Levels •Support: 118,000 / 115,000 / 110,000 •Resistance: 130,000 / 138,000 / 150,000 ⸻ Macro & Demand Drivers •U.S. spot Bitcoin ETFs driving steady institutional inflows •Dovish Fed expectations support liquidity and risk appetite •BTC increasingly viewed as a hedge against fiat devaluation, similar to gold With gold’s market cap still 10× higher than Bitcoin’s, long-term valuation models (e.g., VanEck Digital Assets Research) project potential BTC prices up to $3M by 2050, assuming it becomes a global store of value. ⸻ Conclusion While short-term corrections are always possible, on-chain and macro factors point to ongoing structural strength. BTC remains far from historical overheating levels, leaving long-term upside intact.