Key Takeaways:
Bitcoin’s $100,000 Price Target Becoming More Likely Based on On-Chain Data
Long-term holders hold firmly, reducing major sell-side pressure
Low volatility and a solid price bottom suggest the uptrend will continue

LUKENAU (CoinChapter.com) – Over the years, many cryptocurrency experts have boldly predicted that the price of Bitcoin could reach $100,000 in the future.
For example, in 2022, investment banking giant Standard Chartered boldly predicted that Bitcoin could reach $100,000 by the end of 2024. The company cited the upcoming halving and increased institutional adoption as key factors.
Meanwhile, “Rich Dad, Poor Dad” author Robert Kiyosaki doubled down on his view that Bitcoin could reach $100,000 by June 2024.

While a few years ago it would have been easy to dismiss these lofty goals as “wisdom,” now a wealth of on-chain data reinforces the possibility. Several key indicators suggest that $100,000 is not out of reach.

Long-term holders experience less selling pressure
One of the biggest bullish signals is the decline in selling pressure from long-term Bitcoin holders. Indicators like “Supply Last Active 1y+” show that more than 65% of Bitcoin supply has not been moved for at least a year. For coins that have not been moved for more than two years, this number is closer to 55%.

This suggests that long-term holders are holding on, rather than taking profits, which suggests they expect higher prices in the future. Less selling means less downward pressure on prices.

Although the rate of new money inflows into Bitcoin has slowed from its peak, it remains generally positive. At its peak, more than $3 billion flowed into the Bitcoin market every day, exceeding the 2021 bull cycle.

Even a smaller sustained inflow coupled with less selling pressure creates the perfect conditions for prices to rise. Bitcoin’s “realized market cap,” a reflection of total market capitalization, now tops $574 billion.

Volatility Compression Signals a Potential Breakout
Bitcoin’s volatility is also at multi-year lows when measured as a percentage of its 60-day price range. Such prolonged periods of volatility compression have historically preceded explosive price rallies.

As low volatility continues, Bitcoin could be on the cusp of its next major uptrend, targeting $100,000 and beyond.

Solid price bottom, less resistance
Further supporting the prospect of Bitcoin reaching $100,000 is the fact that there is a lot of buying support below the current price level. Glassnode’s URPD indicator shows that nearly 16% of Bitcoin’s circulating supply has been accumulated at a cost of a few thousand dollars at the current spot price.

In contrast, a supply of just 1.1% holds a higher cost basis, meaning little resistance to higher price levels. This supply imbalance greatly supports Bitcoin’s price discovery moving higher.

Short-term holders are expected to push Bitcoin to $100,000
Even shorter-term speculative holders are positioned higher.

During the recent correction, more than 2.14 million Bitcoins were in unrealized losses for short-term holders, accounting for 63.2% of the total 3.36 million Bitcoin short-term holdings. As the market rebounded above $70,000, this number has dropped significantly to only 230,000 Bitcoins in unrealized losses. This is equivalent to only 6.8% of the total short-term holding supply being in a loss state at the current price.

This suggests that while a large number of coins are concentrated around the current spot price, relatively few are in profit. This significantly reduces any major top-heavy risk, where too many holders are incentivized to sell and cash out.

With only a tiny fraction of the short-term held supply in the position of unrealized losses, Bitcoin’s path to $100,000 and above remains clear.

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