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

The Bitcoin price action has been somewhat impressive in 2025, as the flagship cryptocurrency ascended from around $93,300 in early January to its current all-time-high price of $126,000 this month. While the digital asset saw a couple of resets along the way, it continued to put in new highs, reflecting the magnitude of confidence held by its long-term investors.

However, the recent correction seen this October seems to be shaking that confidence, raising questions about the sustainability of Bitcoin’s bull cycle , and if the long-feared bear market is imminent. However, recent on-chain data points to an interestingly brighter outlook than what is currently being experienced by market participants.

Some Relevant BTC On-Chain Levels

In an October 24 post on the X platform, pseudonymous on-chain analyst Arch Physicist highlighted what could be encouraging news for Bitcoin market participants.

The crypto pundit’s analysis was based on the Value Coin-Days Destroyed (VCDD) to Spent Output Profit Ratio (SOPR) metric, which measures the amount of coins that are moved on the blockchain in relation to the potential profits based on their movements. Essentially, this metric is used to locate price zones that can serve as support or resistance.

Arch Physicist highlighted four important readings from the metric, thereafter explaining on the underlying functions of each of them.

The analyst noted:

‘Gamma + Epsilon’ is used to determine structural highs formed due to Long-Term Holder (LTH) profit-taking, with its current value being around $147,937; ‘Delta + Epsilon’ represents support formed by Short-Term Holder (STH) entry opportunities, currently valued at approximately $92,902. Epsilon, on its part, is used to represent potential price floors.

LTH Support Holds As Bitcoin Puts In Highs

Arch Physicist further explained that the metric’s functions are in tandem with Bitcoin’s historical price action. “Bitcoin’s price has broken above the structural high (Gamma + Epsilon) and reached ATHs near Beta during bull runs. It has also historically made ATLs very close to Epsilon,” the analyst said.

Interestingly, the Bitcoin price in this cycle has consistently traded within the support zones established by its LTHs , and the ones by its STHs. However, price seems to be heading towards the lower support zone, which, if breached, could signal the beginning of a bear market. On the other hand, the sustained integrity of the upper support could also be indicating that the bull run has not even started.

As of this writing, the price of BTC stands at approximately $11,890, with no significant movement in the past 24 hours.