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Bitcoin to $115K next? Here’s why it’s not wishful thinking!
As the price of Bitcoin (BTC) reclaimed its highest wick in 20 days, reaching $109,792, market participants are left wondering if we’re on the cusp of another sharp rejection or a breakout-fueled short squeeze. The recent surge and subsequent FOMO-driven inflows have sparked concerns that the rally may be unsustainable, but data suggests otherwise.
A fresh monthly high in new address creation has been observed, accompanied by $407 million in BTC ETF inflows and a rising share of supply held by Long-term holders, indicating a resurgence of optimism. The real kicker is that most Bitcoin bought during the $100k breakout remains dormant, resulting in an unprecedented 14.7 million coins now being held by investors who have kept their assets for over 155 days.
This peculiar phenomenon has led to the compression of available supply into stronger hands, allowing retail-driven capital to rotate back in. Furthermore, it’s crucial to note that shorts are starting to circle around $115K, with nearly $6 billion worth of short exposure sitting atop this level.
If present dynamics persist, it’s plausible that bulls could utilize this liquidity cluster as fuel for the next breakout leg, potentially catapulting Bitcoin to an unprecedented $115,000.
Source: ambcrypto.com
