Bitcoin (BTC) reached $113,800 on Thursday as a significant uptick in demand from accumulation addresses was observed . According to data from CryptoQuant, these addresses collectively held 248,000 BTC on Wednesday, marking a new yearly high in accumulation activity . The 30-day demand of these addresses is up 71%, rising from 148,000 BTC on June 22 .
This level of demand hasn't been seen since Dec. 20, when Bitcoin was trading at $97,000 and accumulator addresses hit an all-time high of 278,000 BTC . The renewed accumulation rate at even higher price levels indicates that investors' conviction has not wavered . Bitcoin's demand momentum supports this outlook, which has sharply rebounded after matching 2024 lows from Q4 . While the cumulative demand (which includes bearish selling) remains negative, the metric's swift recovery highlights that buyers are beginning to assert control . This dynamic suggests a strong foundational interest in spot BTC, as strategic accumulation outweighs recent short-term selling .
While Bitcoin's price discovery phase is anticipated to continue, market analyst Axel Adler Jr. identified a potential profit-taking price level . Adler Jr. noted that when the Market Value to Realized Value (MVRV) reaches 2.75, it typically signals the first central inflection point for distribution . This suggests that meaningful profit-taking may not begin until BTC hits $130,900 . Additionally, a $4.4 billion increase in BTC's realized cap confirms concrete investment activity rather than a speculation-driven rally .
Several analysts have also predicted that Bitcoin could reach $130,000 by Q3 2025, with some even targeting $135,000 . This forecast is supported by rising on-chain volume and price trends, reminiscent of previous bull cycles . The surge in volume, combined with reduced supply and macro trends, suggests that Bitcoin could be in for a historic summer . Furthermore, increasing institutional adoption and inflows into spot Bitcoin ETFs indicate strong institutional demand, which could push the price even higher .
However, some investors remain cautious due to concerns about profit-taking and external factors such as trade tariffs . Despite potential short-term pullbacks, the long-term outlook for Bitcoin remains positive, with many analysts predicting it will reach six-figure levels by the end of the year .