On-Chain Metrics Indicate Potential for Further Bitcoin Rally

On July 11, the price of the leading cryptocurrency surpassed the $118,000 mark. This surge was driven by active buying from long-term investors. According to CryptoQuant, the balance of “accumulators” reached a yearly high of 248,000 BTC. 

Since June 22, this figure has increased by 71%.

Such strong demand was last observed on December 20, 2025, when Bitcoin traded at $97,000, and the number of coins held by investors reached a record 278,000 BTC.

Signal for Growth

Demand is recovering after a decline in the fourth quarter of 2024. Net interest remains negative but is growing rapidly, indicating that buyers are strengthening their positions.

Analyst Axel Adler Jr. believes the first profit-taking point will occur at a price of $130,900.

Based on the MVRV oscillator and its data over the last 4 years, when the MVRV mark of 2.75 is reached, Bitcoin’s price will be approximately $130,900 USD.

This will essentially be the first selling pressure point. pic.twitter.com/hmw0ZOTL9t

— Axel ?? Adler Jr (@AxelAdlerJr) July 10, 2025

The MVRV indicator needs to reach 2.75 to initiate distribution. The expert compared market capitalization with realized capitalization.

Glassnode noted an increase in realized capitalization by $4.4 billion upon surpassing $113,000.

Unlike market cap, Realized Cap reflects actual capital inflows — only rising when coins move at higher prices. The $4.4B jump as $BTC broke a new ATH above $112K confirms real conviction behind the move, not just speculative markup: https://t.co/2CkVmgTmet pic.twitter.com/xtDARvgcdH

— glassnode (@glassnode) July 10, 2025

This indicates active investor transactions rather than speculative growth, analysts believe.

Target of $150,000

Milk Road co-founder Kyle Reidhead set a target for the leading cryptocurrency at $150,000. The expert sees a bullish “cup and handle” formation that developed in June.

see you at $150k ? https://t.co/bvdCmzZq7X pic.twitter.com/rlcKhAzTBe

— Kyle Reidhead | Milk Road (@KyleReidhead) July 9, 2025

Reidhead is confident in the asset’s further growth after returning to $112,000.

“See you at $150,000,” he wrote.

The same forecast is shared by Bitget Research’s chief analyst Ryan Lee, provided the current trend and institutional capital inflow continue. In a comment to ForkLog, the expert stated that several factors are influencing Bitcoin’s strengthening: 

• pro-cryptocurrency rhetoric from the administration of US President Donald Trump; 
• steady inflow of funds into ETFs;
• increased interest from corporate treasuries. 

All this creates conditions for the continuation of the bullish trend at the start of the third quarter.

As Lee noted, growth above $117,000 is an important signal for the market and may be just an intermediate stop before a new surge. The average projected price for the leading cryptocurrency in the coming months is $125,000. The expected trading range is from $105,000 to $150,000. 

Technically important benchmarks remain at $108,500 (support) and $130,000 (resistance). According to Lee, consolidation above $130,000 will pave the way for a new phase of growth.

However, the expert reminded of a characteristic feature of the crypto market — high volatility:

“A sharp rise may be accompanied by a quick correction — down to $110,000 and even into the $100,000–105,000 range, where the key support zone lies. However, the fundamental trend remains positive.”

As reported in previous analyses, Standard Chartered analysts expressed the opinion that halving will no longer affect Bitcoin’s price.