FameEX Hot Topics | Profit-Taking Unlikely Until Bitcoin Hits $130K, Analysts Say

Bitcoin surged to $117,500 on Thursday, driven by a sharp rise in demand from accumulation addresses. According to CryptoQuant, these addresses collectively held 248,000 BTC on Wednesday—marking a new yearly high in accumulation. Over the past 30 days, demand from these wallets has jumped by 71%, rising from 148,000 BTC since June 22. This trend suggests growing investor confidence even at elevated price levels.

This surge in accumulation hasn’t been seen since December 20, when Bitcoin was trading at $97,000 and accumulator addresses reached an all-time high of 278,000 BTC. What’s notable now is that similar buying behavior is occurring at higher prices, showing that long-term holders remain undeterred. The consistent accumulation supports the view that conviction in Bitcoin's long-term potential is strong and rising.

Bitcoin’s overall demand momentum has rebounded sharply after previously hitting its 2024 Q4 lows. While cumulative demand—which accounts for both buying and selling pressure—remains negative, its recent bounce indicates a possible shift in control back to the buyers. This change in dynamics points to a strong underlying bid in the spot market, where strategic investors are continuing to accumulate despite recent bouts of short-term volatility.

As Bitcoin continues in its price discovery phase, some analysts are identifying key levels where profit-taking could begin. Axel Adler Jr. highlighted that the Market Value to Realized Value (MVRV) ratio hitting 2.75 is historically a sign of early distribution. This level currently aligns with a Bitcoin price of $130,900, about 13% above current levels. It suggests room for further upside before significant selling pressure emerges.

Additional metrics support the bullish narrative. Glassnode reported a $4.4 billion increase in Bitcoin’s realized cap as prices broke above $113,000—indicating real capital inflows rather than speculative movement. Meanwhile, Milk Road co-founder Kyle Reidhead pointed to a bullish cup-and-handle pattern and confidently set a target of $150,000. After BTC surpassed $112,000, he posted “See you at $150K” on X, reflecting growing sentiment that the rally is far from over.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.