On-Chain Metrics Drive Bitcoin to $118K, Eyes $150K Target
Bitcoin price has surged toward $118,000 as on-chain metrics reveal growing accumulation by long-term holders. CryptoQuant shows accumulators now hold 248,000 BTC, a 71% increase since June 22 and the highest since December 2025. Glassnode data indicates a $4.4 billion rise in realized capitalization above $113,000, signaling strong investor demand beyond speculative trading. Technical analysis supports further gains, with profit-taking likely near $130,900 based on an MVRV ratio of 2.75. Chart patterns such as a bullish cup-and-handle point to a potential $150,000 target. Key levels for traders to watch are support at $108,500 and resistance around $130,000, while possible pullbacks to $110,000–$105,000 may occur amid volatility.
Bullish
The accumulation surge and rising on-chain metrics signal sustained bullish momentum for Bitcoin. In the short term, significant hoarding by long-term holders and positive technical patterns, such as the cup-and-handle, are likely to propel price toward resistance levels at $130,000 and potentially $150,000. While traders should prepare for occasional pullbacks to $110,000–$105,000 amid volatility, these corrections could offer buying opportunities rather than trend reversals. Over the long term, the increase in realized capitalization, steady ETF inflows and corporate treasury purchases reinforce Bitcoin’s role as a store of value, suggesting a durable uptrend. Overall, this combination of on-chain demand, market structure, and institutional support underpins a bullish outlook.