Bitcoin's impressive rally earlier in 2025, which saw its price soar to a peak of $126,000, has recently been overshadowed by a notable October correction. This market shake-up has sparked uncertainty and raised questions about the sustainability of Bitcoin's bull cycle, prompting analysts to delve deeper into underlying market data for clearer signals.
On-Chain Metrics Uncover Critical Price Points
Pseudonymous on-chain analyst Arch Physicist has offered a nuanced perspective, highlighting crucial insights derived from the Value Coin-Days Destroyed (VCCD) to Spent Output Profit Ratio (SOPR) metric. This advanced tool analyzes the amount of coins moved on the blockchain in relation to potential profits, thereby pinpointing significant support and resistance zones. According to the analysis, "Gamma + Epsilon," currently around $147,937, represents structural highs formed by long-term holders realizing profits. Conversely, "Delta + Epsilon," valued at approximately $92,902, indicates support levels established by short-term holder entry opportunities, with "Epsilon" itself serving as a benchmark for potential price floors.
The Path Ahead: Bullish or Bearish?
The analyst underscores that Bitcoin's historical price movements have consistently aligned with these metric-derived levels. Past bull runs have seen prices confidently break above the "Gamma + Epsilon" threshold and establish new all-time highs, while previous market troughs have approached "Epsilon." In the current market cycle, Bitcoin has largely respected the support zones defined by both long-term and short-term holders. However, the recent price dip towards the lower support zone, alongside the current trading price of approximately $11,890, suggests a critical juncture. The continued strength of the upper support, in this context, could paradoxically imply that the anticipated "true bull run" has not yet fully ignited, leaving investors to ponder whether the market is on the brink of a deeper correction or merely consolidating before a more significant upward surge.
