Bitcoin (BTC) Price Prediction: CVDD Metrics Hint At $120k Peak, But Only If $90k Support Holds

Bitcoin prices have registered impressive gains in recent weeks amidst an ongoing price rebound. Since dipping below the $75,000 mark

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Crypto prices have been registering impressive gains in recent weeks as the market experiences an ongoing price rebound. Since dipping below the $75,000 mark in mid-April, the asset’s price has jumped by over 37.5% to trade as high as $105,490.

However, with Bitcoin’s price now beginning to cool off following a period of rapid growth, renowned crypto analyst Ali Martinez has tipped the premier cryptocurrency to hit a market top of $120,000 before the current bull cycle runs out.

The Cumulative Value Days Destroyed (CVDD) is an on-chain metric that measures the total coin-days destroyed when dormant BTC moves, thus capturing the spending activity of long-term holders.

Basically, a surge in CVDD indicates significant profit-taking by long-term holders, which is often an indicator of overheated market conditions. Meanwhile, reduced CVDD action marks accumulation phases.

According to a recent analysis by Ali Martinez, prominent analytics firm CryptoQuant has extrapolated Bitcoin’s current CVDD at $34,154 into multiple layers, each representing different aspects of the bull market.

CVDD is heating up again as we close Q2 2024.

CryptoQuant has done an interesting analysis by extrapolating the current CVDD into different layers, each highlighting a key aspect of the bull market. From Accessing Tops to the Accumulating Phase 2 support.

Take a look: pic.twitter.com/0888G8rK06

— Ali (@ali_chartz) May 29, 2024

Firstly, there is the Accessing Tops, i.e, the black line which extrapolates the CVDD into an upper band that the price has reached at the major tops, such as at $20,000 in 2017 and $69,000 and 2021. Presently, the Accessing Tops is around $120,000, suggesting this could be the next market peak of this bull run.

Another important layer in CryptoQuant’s extrapolation of the CVDD is the Accumulating Phase 2, the second-tier support band that has repeatedly underpinned price throughout 2025. It is presently positioned at $90,000, marking the first major support line for bulls.

As we approach the final stage of the present bull market, preserving this price support will be crucial for maintaining Bitcoin’s bull structure and enabling a potential rise to $120,000.