Bitcoin (BTC) continues to rally to new all-time highs daily, with crypto investors wondering which price level will be the next victim of the cryptocurrencys upward momentum. While market participants speculate on which price would be bitcoins final destination for this bull run, analysts have outlined on-chain conditions to look out for in the future.

A report by the market intelligence platform Santiment insists that it is more important to focus on what the market will look like when BTC tops for this bull cycle than to keep speculating on how high the digital assets value can go.

Market Sentiment When BTC Tops

Santiment said one could determine the state of the market when BTC reaches its top by assessing the actions of smaller BTC holders and how much profit they currently realize amid the assets price rally. According to the market intelligence firm, examining the present market sentiment is essential for future insights.

The market and its analysis can be approached in several ways, often complementary to each other. Techniques include technical analysis, sentiment analysis, and on-chain analysis, to name a few. Below, weve selected an approach that is both comprehensive and relatively simple to understand. Weve also had success using these metrics to estimate and predict previous BTC tops, Santiment added.

As the behavior of smaller BTC holders (investors holding between 0.01 and 1 BTC) indicates whether retail traders are joining the rally, profit-taking patterns show whether these investors are slowing down in realizing their profits. Profit-taking patterns signal retail greed and fear of missing out (FOMO), which often precede market tops.

Profit-Taking is Healthy for Now

Per Santiments analysis, retail activity and profit-taking had not fully materialized by November 13. On-chain data shows retail investors started decreasing their BTC balances in mid-October when this rally started.

On the other hand, Santiment analysts found a healthy profit-taking pattern, showing spikes correlating with each uptick in bitcoins price. When bitcoin hits a market top this season, analysts expect to witness a pattern seen earlier this year when BTC recorded a previous all-time high of $73,000 in March.

Meanwhile, it may take some time before BTC can record a top in this cycle because several analysts believe the leading crypto asset could rally as high as $150,000, while others assert the bull market would extend to October 2025.