Bitcoin (BTC) supply indicators are approaching the "historical frenzy" zone, target price $115,000.

Source: Cointelegraph Original: "Bitcoin (BTC) supply indicators nearing 'historical frenzy' zone, target price $115,000"

Bitcoin is heading towards a potential new all-time high of $115,000, with a surge in profitable supply indicating strengthened bullish momentum and creating a classic setup for market euphoria.

According to on-chain data resources from CryptoQuant, as of April 28, approximately 86.9% of Bitcoin is in a profitable state.

Historically, when this indicator rises to the range of 85–90%, it usually signifies that traders are shifting from healthy optimism to speculative frenzy.

For example, during the period from October to December 2024, the price of Bitcoin climbed from around $80,000 to over $100,000, which coincided with the increase in Bitcoin's profitable supply from below 80% to as high as 99%.

In a post on April 28, CryptoQuant analyst DarkFrost warned that the frenzy phase of Bitcoin may not last long, as holders begin to realize profits, which could lead to a sharp correction.

Bitcoin reached a historic high of nearly $110,000 in January, with a profit supply of 99%. However, the cryptocurrency subsequently fell by more than 30%. Data shows that similar profit-taking behavior in the past has also led to price corrections.

"Currently, the profit supply has risen to over 85%, which is quite positive." DarkFrost stated, noting that its recovery from the recent 75% bottom is better than the 45-50% lows observed during the bear market correction.

In addition, the profit supply of Bitcoin is still below 90%. Historically, when it exceeds 90%, it usually indicates profit-taking behavior among traders, suggesting that there is still room for Bitcoin prices to rise in the coming days.

DarkFrost pointed out:

"Of course, some levels are more 'comfortable' than others, but generally, an increase in profit supply tends to drive bullish phases."

According to indicators tracked by Glassnode, the initial buyers and momentum buyers of Bitcoin are actively accumulating, while profit-takers remain relatively silent.

This means that new demand is flooding in without large sell-offs, which is a key factor in maintaining a strong rebound.

At the end of April, Bitcoin strongly rebounded from the support zone of $89,000–$90,000, which is a key level in previous price action, further enhancing the likelihood of an upward move.

According to chart analyst CryptoCaesarTA, this area now acts as the "maximum buy" zone, with buyers actively stepping in to limit Bitcoin's pullback.

Below this, the $70,000–$72,000 area has yet to be tested and is closely aligned with the long-term uptrend line. If Bitcoin faces a deeper pullback, this area could become a key secondary support.

Currently, Bitcoin's resilience above $90,000 keeps bullish sentiment strong.

Breaking through the psychological barrier of $100,000 could pave the way for a new historical high of $110,000–$115,000, CryptoCaesarTA pointed out. This upward target aligns with previous resistance highs and the so-called "weak high" zone on the weekly chart.

Related articles: Bitcoin (BTC) "hot supply" approaches $40 billion, new investors pouring in at $95,000.

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