**Summary:**
Bitcoin’s on-chain indicator, the “Terminal Price,” suggests that the next all-time high for the cryptocurrency could be at least $110,000. The indicator, created by Checkmate, predicts that Bitcoin might reach the six-figure mark in the next cycle. The Terminal Price comes into play at the top of each BTC price cycle, with the current all-time high of $69,000 falling short of it. Additionally, the “Pi Cycle Top” indicator, which uses moving averages for its forecasts, is being monitored for reliable long-term high estimates.

**Bitcoin ‘Terminal Price’ Suggests Next BTC All-Time High Could Reach at Least $110K**

Bitcoin (BTC) may hit a new all-time high of at least $110,000 in its next bull cycle, as indicated by the cryptocurrency’s “Terminal Price,” an on-chain indicator. The Terminal Price, developed by Checkmate, a lead on-chain analyst at data firm Glassnode, estimates that Bitcoin could surpass six figures in its upcoming cycle.

According to the on-chain analytics platform Look Into Bitcoin, the Terminal Price is calculated from Bitcoin’s “Transferred Price,” which is derived by dividing “Coin Days Destroyed” (CDD) by the existing supply. CDD measures the number of dormant days reset each time BTC moves on-chain, serving as a gauge of hodler intent and activity.

Philip Swift, the creator of Look Into Bitcoin, noted that not every all-time high reaches the Terminal Price, but BTC/USD has hit the trendline during its 2017 peak and initial peak in April 2021. Swift advised that selling “near” Terminal Price would be a suitable policy, with its bear market counterpart, “Balanced Price,” signaling useful market bottoms.

As the Terminal Price increases with time, $110,000 could ultimately be a conservative target if the next all-time high occurs later in the next cycle. Additionally, the “Pi Cycle Top” indicator, which uses moving averages for its forecasts, is being monitored for reliable long-term high estimates.

*FAQs*

– **How is the Terminal Price calculated?**
The Terminal Price is calculated from Bitcoin’s “Transferred Price,” which is derived by dividing “Coin Days Destroyed” (CDD) by the existing supply. CDD measures the number of dormant days reset each time BTC moves on-chain, serving as a gauge of hodler intent and activity.

– **What is the significance of the Pi Cycle Top indicator?**
The Pi Cycle Top indicator uses two moving averages for its forecasts, with their crossovers heralding the next high. It has been identified as providing reliable long-term high estimates for Bitcoin.