Bitcoin targets $ 115k while BTC supply metric is close to ‘historic euphoria’ zone

Key Takeaways:

• The Bitcoin supply in revenue has risen above 85%, approaching the classic euphoric area.

• Onchain data shows strong accumulation from new and momentum consumers with minimal income extraction.

• Bitcoin can rally towards $ 110,000- $ 115,000 assisted by a “Max Purchase” zone.

Bitcoin (Btc) will charge towards a potential new all-time high near $ 115,000, as an influx of profitable supply signals growing bullish momentum and a classic setup for euphoria in the market.

Nearly 87% of Bitcoin’s supply to income

On April 28, approximately 86.9% of all Bitcoin coins earn, according to the On-chain Data Resource Cryptoquant.

Historically, the rising of a scale of 85-90% has signed a move from healthy optimism to imaginary euphoria to entrepreneurs.

Between October and December 2024, for example, the price of Bitcoin rose from about $ 80,000 to over $ 100,000, a rally in conjunction with the profit supply of Bitcoin rising from under 80% to as high as 99%.

In his post on April 28, the cryptoquant -based analyst Darkfrost Remind The euphoric phase of that bitcoin may not last for longer hours of time, leading to sharp correction as the holders begin to realize the gains.

BTC prices established a record of nearly $ 110,000 in January, with a profitable supply that crashed by 99%. But cryptocurrency drops more than 30% afterwards. Similar revenue behavior has led to price corrections in the past, as shown above.

“Currently, the income supply has risen above 85%, which is quite positive,” wrote Darkfrost, noting that its recovery from recent under 75% was still better compared to 45-50% lows witnessed during the bear market correction.

Besides, the BTC supply in revenue still remains below 90%. Crossing above 90% has a history that precedes the revenue’s revenue behavior to entrepreneurs, suggesting that there is a lot of rooms to grow for BTC prices in the coming days.

Darkfrost argues:

“Of course, there are some levels that are more” comfortable “than others, but in general, an increase in supply in revenue tends to fuck bullish phases.”

Additional Onchain data also supports bullish outlook. Bitcoin’s first buyers and momentum buyers actively accumulate, while income retailers remain silent, according to Glassnode metric Monitoring the combined BTC supply per cohort.

This means that fresh demand will enter without heavy sale, a key ingredient for keeping the rally as strong as the Darkfrost expects the above analysis.

The Bitcoin “Max Purchase” Clubs of the Zone at $ 115,000

In late April, Bitcoin fell strongly from $ 89,000- $ 90,000 zone support, a major horizontal level from the earlier price action that strengthened the case for more reversal.

The place, according to the chartist CryptocaesartaNow acting as a “max purchase” zone where consumers are aggressively entering to limit Bitcoin drawdowns.

Below, the $ 70,000- $ 72,000 region remains unobtrusive, which aligns close to long-term ascending trend. If bitcoin faces deeper pullbacks, this zone can serve as a critical second support.

So far, Bitcoin’s stability above $ 90,000 Keeps the bulls stable in control.

Related: 5 Bitcoin charts predict BTC price rally towards $ 100k to May

A breakout above a $ 100,000 psychological barrier can give way to new hours high at $ 110,000- $ 115,000, according to Cryptocaesarta. The reversed target is aligned with previous high resistance and a so -called “weak high” zone in the weekly chart above.

This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.