New bull cycle? Bitcoin's return to $100K hints at ‘significant price move’
Bitcoin (BTC) is reaching new all-time highs in network value, with its realized cap hitting $891 billion as of May 7. This increase reflects a growing conviction in Bitcoin's long-term potential as a financial asset. Recent weeks have seen a steady influx of capital, indicating renewed investor interest. Both long-term holders (LTHs) and short-term holders (STHs) are accumulating BTC, suggesting a solid foundation for a potential price breakout and the early stages of a new bull cycle. Despite concerns about profit-taking, which averages $1 billion daily, research firm Glassnode notes balanced buy and sell-side conditions around $100,000. The market has maintained a profit-driven regime since October 2023, with consistent capital inflows exceeding outflows, signaling overall constructive market conditions.
