Key Points:
Bitcoin's price surged to $113,800, with on-chain data showing a 71% increase in Bitcoin (BTC) held by accumulation addresses.
The MVRV indicator for Bitcoin suggests that there may not be significant profit-taking until BTC reaches $130,900.
Bitcoin's realized capital increased by $4.4 billion, confirming that the rise is driven by actual investment activity rather than speculation.
Bitcoin (BTC) reached $113,800 on Thursday, with a notable increase in demand for accumulation addresses. According to CryptoQuant, these addresses held a total of 248,000 BTC on Wednesday, marking a new annual high for accumulation activity. The 30-day demand for these addresses grew by 71%, rising from 148,000 BTC on June 22 to the current level.
This level of demand has not been seen since December 20 of last year, when Bitcoin was trading at $97,000 and accumulation addresses reached a historical peak of 278,000 BTC. Even at higher price levels, the accumulation rate has risen again, indicating that investor confidence remains strong.
The momentum in Bitcoin's demand supports this outlook, having rebounded significantly after matching the low point in Q4 2024. Although cumulative demand (including bearish sell-offs) remains negative, the rapid recovery of this indicator highlights that buyers are beginning to take the lead. This dynamic suggests strong fundamental interest in spot BTC, with strategic accumulation outweighing recent short-term sell-offs.
While the price discovery phase for Bitcoin is expected to continue, market analyst Axel Adler Jr. identified a potential profit-taking price level. Adler Jr. noted that when the market value to realized value ratio (MVRV) reaches 2.75, it typically marks the first central inflection point for distribution. The MVRV indicator compares the current market value to the aggregated cost basis of all circulating BTC.
According to current data, this threshold corresponds to a Bitcoin price of $130,900. While this level may attract some selling, it is still 17% higher than the current price, indicating that there may be more room for upward movement.
Glassnode outlined the increase in realized capital, explaining that this reflects actual capital inflows. Unlike market capitalization, realized capital only increases when coins move at higher prices. When Bitcoin broke through $113,000, realized capital jumped by $4.4 billion, indicating active investor participation rather than merely speculative gains.
Kyle Reidhead, co-founder of Milk Road, set a higher target of $150,000 for Bitcoin, citing the bullish cup-and-handle pattern observed last month. "Seeing it at $150,000," he posted shortly after BTC reached $112,000 on X, emphasizing increased confidence in further gains.
Related: Bitcoin (BTC) investors have now invested over $50 billion in U.S. spot ETFs.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) price likely to hit $130K before serious profit-taking kicks in”
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