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Key points:

• Bitcoin records another golden cross, this time signaled by the NVT indicator.
• Past crosses have consistently preceded major bullish moves in BTC price.
• Analysts suggest new all-time highs could arrive within weeks.

Bitcoin (BTC) continues to show strength in the cryptocurrency market, with analysts pointing to further upside and the possibility of new record highs in the coming weeks.

Fresh research from on-chain analytics firm CryptoQuant highlights that BTC still has “room for expansion” toward $117,000, reinforcing the ongoing bullish trend.

Bitcoin set for gains with latest NVT golden cross

A key leading indicator suggests Bitcoin is far from overheated and may have more momentum ahead. The network value to transaction golden cross (NVT-GC), which compares market capitalization to blockchain transaction volume, currently signals a balanced market.

Negative NVT-GC values, particularly below -1.6, often precede rallies, while readings above 2.2 can mark potential reversals. In July, the indicator dropped to -2.8 before climbing back to 0.3, a move analysts describe as reflecting “a healthy uptrend.”

“Short Term: With the metric not elevated, Bitcoin is not yet in bubble territory. There is still room for price expansion.”

NVT-GC has shown a reliable track record in recent years. Its last four entries into the bullish zone were all followed by strong upward moves in BTC price, including in August 2024.

BTC price eyes “potential push” to all-time highs

The indicator adds to growing signs that the Bitcoin bull market is still unfolding, supported by technical patterns and on-chain data.

In recent analysis, CryptoQuant contributor Axel Adler Jr. suggested BTC may retest price discovery levels by October. He noted that Bitcoin is consolidating just above the short-term holder realized price, setting the stage for a possible breakout toward a fresh all-time high.

STH MVRV Z-Scores (155D & 365D) are hovering near zero – the market is neither overheated nor oversold, essentially balanced.

BTC price sits just above STH Realized Price, setting the stage for 1–2 weeks of consolidation with a potential push to ATH.

Uptober incoming pic.twitter.com/hFaycSGxRy

— Axel Adler Jr (@AxelAdlerJr) September 18, 2025

CryptoQuant analyst Pelin Ay added that historical market cycles suggest Bitcoin could target between $120,000 and $150,000 as the year progresses.

“Overall, Bitcoin is not in a high-risk zone. Historical patterns suggest the price could climb toward the $120,000–$150,000 range in the coming months.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.