[Bitcoin “terminal price” suggests the next all-time high is at least $110,000]

Bitcoin (BTC) could become a sell signal in a future bull cycle when the price reaches at least $110,000, according to on-chain indicator analysis.

Data from Look Into Bitcoin notes that Bitcoin’s terminal price hints at a possible six-figure top price.

With the price of Bitcoin approaching an 18-month high, the market is beginning to focus on its potential highest price in the coming months and even years. Forecast targets include $130,000 after the next block reward halving in April 2024, as well as consensus expectations of late 2025 as the top of the next cycle.

Philip Swift, founder of Look Into Bitcoin, explains that the terminal price is a simple way to estimate Bitcoin’s long-term top price. It is calculated based on the so-called "transfer price", which is calculated by dividing coin-day consumption (CDD) by the existing supply.

CDD is a metric that evaluates the number of dormant days that Bitcoin resets as it moves on-chain, and is very useful for assessing holder intentions and activity.

The terminal price created by Checkmate, an on-chain analyst at Glassnode data company, plays into the top of every Bitcoin price cycle. While not every all-time high reaches a terminal price, BTC/USD did hit this trendline at the 2017 and April 2021 highs. The all-time high of $69,000 in November of that year was not reached.

Therefore, Swift suggests that selling near the terminal price may be a suitable strategy, and its corresponding bear indicator Balanced Price also symbolizes the market bottom.

Over time, if the next all-time high occurs later in the next cycle, $110,000 may become a conservative target.

In further analysis this week, Swift also highlighted the reliability of the Pi Cycle Top indicator, which uses the intersection of two moving averages to predict the arrival of long-term highs.

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