On July 11, Bitcoin breached the $118,000 mark. This growth occurred amid active buying by long-term investors. According to CryptoQuant, the balance of “accumulators” reached an annual maximum of 248,000 BTC.
The figure has increased by 71% since June 22.
Such strong demand was last seen on December 20, 2025. At that time, Bitcoin traded at $97,000, and the number of coins held at holders’ addresses reached a record 278,000 BTC.
A Signal for Growth
Demand is recovering from a dip in the fourth quarter of 2024. Although net interest remains negative, it is growing rapidly, indicating that buyers are strengthening their positions.
Analyst Axel Adler Jr. believes that the first point for profit-taking will come at a price of $130,900.
The MVRV ratio must reach 2.75 to begin distribution. The expert compared the market capitalization to the realized capitalization.
Glassnode noted a $4.4 billion increase in realized capitalization while crossing $113,000.
This shows active investor trades rather than speculative growth, analysts said.
$150,000 Target
Milk Road co-founder Kyle Reidhead has set a $150,000 target for Bitcoin. The expert sees a bullish cup-and-handle formation that formed in June.
Reidhead is confident of further gains for the asset after it returns to $112,000.
Kyle Reidhead wrote, “See you at $150,000.”
The chief analyst of Bitget Research, Ryan Lee, shares the same forecast, provided that the current trend and inflows of institutional capital are maintained. In a commentary to ForkLog, the expert said that several factors are influencing the strengthening of Bitcoin:
Pro-cryptocurrency rhetoric from the administration of US President Donald Trump
Steady inflows of funds into ETFs
Increased interest from corporate treasuries
All this creates conditions for a continuation of the bullish trend as early as the start of the third quarter.
As Lee noted, growth above $117,000 is an important signal for the market and can only be an intermediate stop before a new spurt. The average projected price of Bitcoin in the coming months is $125,000, with an expected trading range of $105,000 to $150,000.
The $108,500 (support) and $130,000 (resistance) levels remain important technical benchmarks. According to Lee, consolidation above $130,000 will open the way to a new phase of growth.
At the same time, the expert recalled a characteristic feature of the crypto market—high volatility:
“Sharp growth can be accompanied by a rapid correction—down to $110,000, or even into the $100,000–$105,000 range, where the key support zone is located. However, the fundamental trend remains positive.”
Source: https://coinpaper.com/9910/on-chain-metrics-indicate-potential-for-further-bitcoin-rally