Bitcoin ‘True Bull Run’ May Yet To Begin — Analyst Explains Why

The Bitcoin worth motion has been considerably spectacular in 2025, because the flagship cryptocurrency ascended from round $93,300 in early January to its present all-time-high worth of $126,000 this month. While the digital asset noticed a few resets alongside the way in which, it continued to place in new highs, reflecting the magnitude of confidence held by its long-term traders.

However, the latest correction seen this October appears to be shaking that confidence, elevating questions in regards to the sustainability of Bitcoin’s bull cycle, and if the long-feared bear market is imminent. However, latest on-chain information factors to an apparently brighter outlook than what’s at present being skilled by market individuals.

Some Relevant BTC On-Chain Levels

In an October 24 put up on the X platform, pseudonymous on-chain analyst Arch Physicist highlighted what could possibly be encouraging information for Bitcoin market individuals.

The crypto pundit’s evaluation was primarily based on the Value Coin-Days Destroyed (VCDD) to Spent Output Profit Ratio (SOPR) metric, which measures the quantity of cash which are moved on the blockchain in relation to the potential earnings primarily based on their actions. Essentially, this metric is used to find worth zones that may function help or resistance. 

Arch Physicist highlighted 4 vital readings from the metric, thereafter explaining on the underlying features of every of them.

The analyst famous:

‘Gamma + Epsilon’ is used to find out structural highs shaped as a result of Long-Term Holder (LTH) profit-taking, with its present worth being round $147,937; ‘Delta + Epsilon’ represents help shaped by Short-Term Holder (STH) entry alternatives, at present valued at roughly $92,902. Epsilon, on its half, is used to signify potential worth flooring. 

LTH Support Holds As Bitcoin Puts In Highs 

Arch Physicist additional defined that the metric’s features are in tandem with Bitcoin’s historic worth motion. “Bitcoin’s worth has damaged above the structural high (Gamma + Epsilon) and reached ATHs close to Beta throughout bull runs. It has additionally traditionally made ATLs very near Epsilon,” the analyst mentioned.

Interestingly, the Bitcoin worth on this cycle has persistently traded throughout the help zones established by its LTHs, and those by its STHs. However, worth appears to be heading in the direction of the decrease help zone, which, if breached, may sign the start of a bear market. On the opposite hand, the sustained integrity of the higher help may be indicating that the bull run has not even began. 

As of this writing, the worth of BTC stands at roughly $11,890, with no vital motion up to now 24 hours.