Bitcoin is doing great, currently trading above $108,000 and aiming for a new all-time high near $112,000. The market looks very bullish!
Short-Term Holders and Profit Taking
Data from CryptoQuant shows that short-term Bitcoin holders (those holding for 1-3 months) are currently sitting on a 27% unrealized profit. Historically, when this profit reaches 40%, these holders tend to sell, putting downward pressure on the price. Since we’re still below that 40% mark, there’s potentially more room for Bitcoin to climb before a major sell-off.
A Pivotal Week Ahead: $120,000 on the Horizon?
This week is crucial for Bitcoin. Analysts predict a breakout could send the price soaring to $120,000. After weeks of steady growth, the market is confident that breaking through the $112,000 resistance will trigger the next big price increase. Interestingly, Bitcoin seems to be thriving amidst global economic uncertainty, acting as a safe haven for investors.
Analyst Predictions
Analyst Axel Adler used CryptoQuant data to predict when short-term holders might start selling. His model suggests that the 40% profit threshold could be reached around June 11, 2025. If the current trend continues, Bitcoin could be trading near $162,000 by then. However, he cautions that this is just a prediction and doesn’t account for unexpected events.
Bulls in Control: Strong Support and Future Potential
Bitcoin is currently holding strong above key support levels after hitting a new all-time high near $112,000. The charts show a bullish trend, with the price comfortably above major moving averages. The recent price action suggests healthy consolidation rather than exhaustion. As long as Bitcoin stays above $103,000-$105,000, the upward trend should continue. Breaking through $112,000 would likely open the door to prices between $120,000 and $125,000. The overall picture remains bullish.
