Bitcoin (BTC) has recently shown signs of consolidation, trading in the $100,000 range after achieving a new all-time high (ATH) of $111,980. Despite this apparent pause, on-chain data suggests that the leading cryptocurrency's bullish momentum is far from exhausted, with several crypto analysts forecasting further price appreciation in the near future.

One such analysis comes from CryptoQuant contributor Crypto Dan, who posits that Bitcoin is "highly likely" to continue its upward trajectory. This optimistic outlook is supported by an examination of the Bitcoin Net Realized Profit/Loss (NRPL) chart. The NRPL metric is crucial as it highlights the scale of realized profits and losses by market participants selling their BTC. A relatively low NRPL value during periods of price increase typically indicates that profit-taking is limited, which is often a precursor to the continuation of a bullish trend.

According to Crypto Dan's interpretation of the NRPL chart, the current level of profit realization in the market, indicated in the right-most red box on the chart referenced in his analysis, is relatively subdued. He specifically noted that when compared to the significant spikes in NRPL observed during past cycle peaks, the current wave of profit-taking appears considerably limited. This suggests that investors are not rushing to cash out, despite recent price gains.

Based on this data, Dan concluded that the present profit-taking behavior does not signal an impending major trend reversal or the end of the ongoing upward cycle. Instead, he believes Bitcoin is well-positioned to continue its ascent, potentially targeting price levels beyond $120,000 in the upcoming weeks.

However, a uniformly bullish sentiment is not shared across the entire market. Some market observers, like noted crypto analyst Ali Martinez, have expressed caution. Martinez recently suggested that Bitcoin's current price movements might be indicative of a "bull trap." A bull trap occurs when an asset's price briefly surges above a well-established resistance level, deceiving traders into believing a genuine breakout is underway. Subsequently, the price reverses sharply, falling back below the resistance, thereby trapping traders who had taken long positions and leading to their liquidation. Martinez warned that BTC could be at risk of declining below the $100,000 threshold if such a scenario unfolds.

Despite these concerns, other on-chain indicators lend further support to a continued bullish outlook. Notably, data suggests that participation from retail investors in the current rally remains relatively limited. This is often interpreted as a positive sign, indicating that there may still be significant room for a new wave of capital inflow as retail participants join the market. Furthermore, inflow data from major exchanges like Binance shows that certain groups of investors are demonstrating a reluctance to sell their Bitcoin holdings, possibly in anticipation of further price increases.

As of the latest reports, Bitcoin (BTC) is trading at approximately $105,659, reflecting a 2.5% decrease over the past 24 hours. It is important for readers to note that all market analysis and forecasts are for informational purposes only, and past performance is not indicative of future results.