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Bitcoin price was holding steady near the $120,000 mark today but recently slumped below that mark to $119,768. All this movement is after a volatile<\/a> and bullish start to October.<\/p>\n Some analysts point to signs that the market has entered<\/a> what many describe as the \u201ceuphoria phase\u201d of the current bull cycle.<\/p>\n Bitcoin price surged more than 30% since the start of the year, buoyed by sustained inflows into U.S.-listed Bitcoin exchange-traded funds<\/a>, renewed investor confidence in digital assets, and expectations that the Federal Reserve will move toward cutting interest rates.\u00a0<\/p>\n Bitcoin price briefly touched above<\/a> $126,000 earlier this week \u2014 its highest ever \u2014 before easing slightly to the $120,000\u2013$123,000 range over the last couple of days as traders digested macroeconomic and on-chain signals.<\/p>\n Despite the pause, on-chain analysts suggest that the broader uptrend may be far from over. Data frameworks like the Bitcoin \u201cCycle Master\u201d model indicate<\/a> that the market is entering a late-stage rally, historically marked by sharp price acceleration followed by steep corrections.\u00a0<\/p>\n The model divides bitcoin\u2019s long-term price range into undervalued, fair value, and overvalued zones \u2014 and currently places the upper \u201covervalued\u201d boundary around $260,000, with a more conservative cycle peak near $180,000.<\/p>\n Bitcoin\u2019s late-stage rally<\/h2>\n