Recent data shows Bitcoin has reached $113,800 due to a notable increase in demand from accumulation addresses.
Surge in Demand for Bitcoin
Bitcoin reached $113,800 as a result of a sharp increase in demand from accumulation addresses, which now hold 248,000 BTC. This figure marks a new yearly high. Over the past 30 days, demand for these addresses has risen by 71%, indicating investor confidence.
Profit-Taking Expectations
Market analyst Axel Adler Jr. identified a potential profit-taking price level at $130,900, when the MVRV metric reaches 2.75. This could signal a first inflection point for distribution, suggesting further room for growth.
Investment Activity and Predictions
According to Glassnode, the $4.4 billion increase in realized cap confirms that investor activity is substantive rather than speculative. Milk Road co-founder Kyle Reidhead also set a higher target of $150,000 for Bitcoin, highlighting growing confidence in continued price increases.
Bitcoin is showing significant growth due to increased demand from accumulation addresses and active investments, raising expectations for further price increases.
