Bitcoin (BTC) recently reached a new all-time high of $106,000. Although prices briefly declined, the cryptocurrency rebounded strongly, forming higher lows and approaching previous peaks. Analysts agree that the $158,000 target for 2025 remains achievable. Key on-chain indicators, such as the MVRV Z-Score and the Puell Multiple, suggest further growth is likely before the current market cycle concludes.

MVRV Z-Score Indicates Room for Further Growth

The MVRV Z-Score compares Bitcoin’s market value to its realized value, helping determine whether Bitcoin is undervalued or overbought. Historically, values near 7 marked the end of market cycles, with past peaks at 12.52, 11.01, and 7.55.

  • Currently, the MVRV Z-Score sits at 3.2.

  • The downward resistance trendline from previous cycles lies at 4.5, leaving ample room for further upside.

The indicator has not yet reached overbought levels, signaling that the market still has potential for more gains.

Puell Multiple Supports a Bullish Outlook

The Puell Multiple evaluates miner profitability by dividing Bitcoin’s daily issuance by its 365-day moving average. In past cycles, this metric hit an initial peak before the halving, followed by a higher peak at the market top.

  • In this cycle, the Puell Multiple reached 2.20 before the halving and later dropped to 1.22.

  • If the historical pattern repeats, the indicator will again exceed 2.20, signaling continued market cycle growth.

This scenario supports the expectation of ongoing bullish momentum.

The $158,000 Target Remains Within Reach

Both key indicators, the MVRV Z-Score and the Puell Multiple, highlight that Bitcoin still has room to grow. Combined with its current strong price action, the $158,000 target for 2025 remains a realistic goal.

Bitcoin’s trajectory inspires optimism, suggesting the cryptocurrency is approaching new milestones within the ongoing market cycle.

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