The price of Bitcoin is once again the talk of the financial world, having reached $118K, a new ATH, surpassing key resistance levels, supported by strong on-chain metrics, institutional appetite, and renewed bullish sentiment from investors.
With prices now hovering near record highs, analysts are still eyeing further gains toward the target of $135. It seems that the BTC market is preparing for a massive shift. Read on to find out why.
Long-Term Holders Absorb Supply: Bullish Pressure Increases
According to a recent post from Glassnode on X, it reveals that the Bitcoin balance on exchanges continues to decrease. This indicates a trend largely attributed to long-term holders absorbing more BTC than miners are issuing. This means that less BTC is available for trading, tightening supply and setting the stage for upward price pressure.
"#BTC balance on exchanges falling = supply shock" is a meme. But that doesn't mean there aren't supply constraints – long-term holders are absorbing more $BTC than miners are issuing. That's where the pressure builds up. pic.twitter.com/OZtboXM0BM
— glassnode (@glassnode) July 12, 2025
This behavior shows a growing conviction among holders who are less likely to sell in the short term and is directly seen as a bullish case.
Analysts Become Ultra-Bullish: $135K in Sight?
Adding fuel to the fire, popular crypto analyst MisterCrypto pointed out that Bitcoin is breaking out of a classic bullish flag pattern, which traditionally signals the continuation of an uptrend. In his analysis, he predicts that the current rally is far from over.
Bitcoin is breaking this bullish flag. MASSIVE PUMP COMING!
This aligns with the growing technical evidence suggesting that Bitcoin may have entered a price discovery phase, where previous resistances no longer apply and the market is free to find new highs.
BlackRock and Big Capital Bet Big on BTC
Institutional investors are also making significant moves. Notably, BlackRock recently purchased 8,086 BTC, valued at over $1 billion, according to blockchain data highlighted by the analyst
