Bitcoin (BTC) Price Still Has a Long Way to Go, According to Historical Whale Activity
Main Idea
Bitcoin's current price movement is still below historical bull cycle peaks, with key indicators suggesting potential for further growth before reaching a market top.
Key Points
1. Bitcoin's current price of around $117,000 is far below past bull cycle peaks, such as $70,000 in spring 2024 and $100,000 in December 2024.
2. Historical data shows that significant increases in active BTC supply (e.g., 18–20%) preceded major market tops, but current supply activity has only modestly increased (30-day change from -17% to +2.4%).
3. Analyst Adler predicts that if Bitcoin stabilizes above $100K and pushes beyond $120,000, active supply could first climb to 8–10%, followed by a test of the 18–20% threshold associated with market tops.
4. Some projections suggest Bitcoin could reach $250,000, $500,000, or even $1 million, with current trading at $118,535 (up 0.09% daily and 16% over four weeks).
Description
Bitcoin has climbed past $120,000, triggering renewed on-chain activity and investor interest. However, current supply movement remains subdued compared to previous distribution phases. Analysts point to a potential buffer for further upside, with long-term holders showing little inclination to sell at current levels. As Bitcoin hovers around $117,000 after recently hitting a new all-time high, a telling shift is appearing in on-chain activity. According to new data highlighted by Bitcoin resear...
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