#bitcoin points to $115,000 while BTC supply metric approaches "historical euphoria" zone

Bitcoin is experiencing a notable price increase, approaching the target of $115,000, while a key metric of its supply nears historically associated levels of market euphoria. The percentage of Bitcoin's supply in profit has surpassed 85%, a threshold that has historically indicated a transition from healthy optimism to euphoric speculation among traders.

Recent on-chain data reveals strong accumulation by new buyers and trend followers, with minimal profit-taking. This pattern suggests robust underlying demand that could further drive Bitcoin's price up. A CryptoQuant-based analyst noted that historically, when this profit supply metric stabilizes above 90% for an extended period, it often precedes a significant euphoria phase.

If Bitcoin manages to surpass the psychological barrier of $100,000, analysts suggest that a move toward $110,000 - $115,000 becomes increasingly likely. This target aligns with previous resistance highs and a zone considered "maximum buy" on weekly charts. However, it is crucial to remember that euphoria phases have historically been followed by sharp corrections as holders begin to realize their profits. Therefore, while the current outlook appears bullish, investors should remain cautious about the possibility of sudden volatility.