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

Bitcoin's price surged impressively in 2025, reaching an all-time high of $126,000 despite some corrections. Recent market corrections have led to concerns about the sustainability of the bull run and a potential bear market. On-chain data offers a more optimistic perspective than current market sentiment suggests. Analyst Arch Physicist analyzed Bitcoin's Value Coin-Days Destroyed to Spent Output Profit Ratio (VCDD to SOPR) metric. This metric helps identify support and resistance levels based on coin movements and potential profits. The analysis highlights key levels, including "Gamma + Epsilon" (structural high), "Delta + Epsilon" (STH support), and "Epsilon" (potential price floor). Bitcoin has historically traded within support zones established by its long-term (LTH) and short-term (STH) holders. The price is currently nearing the lower support zone, which could signal a bear market if broken. Conversely, the upper support zone's strength might indicate a continued bull run. Bitcoin's current price is around $11,890, with minimal fluctuations in the last day. The analysis suggests the bull run could still be active.