Is Bitcoin (BTC) Still in a Bull Market, or Has the Bull Run Ended? Analysis Firm Reveals Its Findings

Cryptocurrency analytics firm Alphractal has released a new assessment of Bitcoin’s current market outlook based on on-chain data. The firm suggests that the uptrend is still ongoing and that a new rally may be on the horizon.

According to Alphractal, the On-Chain CapFlow Sentiment Index is a powerful indicator for tracking capital flows on the Bitcoin blockchain. The index is currently moving towards a new distribution phase. Reaching this phase could indicate that Bitcoin is approaching the peak of its current bull cycle.

The company analysis included the following statements:

“We have previously highlighted that October 2025 could be a critical month. The combination of technical indicators, on-chain data, and fractal analysis suggests that this period could present a potential market breakout opportunity. This analysis still holds true until the data paints a new picture.”

According to analysts, Bitcoin’s bull market is continuing strongly, and current data does not rule out the possibility of a new rally, according to Alphractal.

The company’s CEO, Joao Wedson, made the following statement:

“Whether Bitcoin goes to $113,000 or $80,000, October still looks like a strong candidate for the top of the cycle. If the data changes, so do we.”

*This is not investment advice.