Key takeaways:
Bitcoin supply in profit has climbed back above 85%, nearing the classic euphoric area.
Onchain data shows strong accumulation from new and momentum buyers with minimal profit-taking.
Bitcoin could rally toward $110,000–$115,000 helped by a “max buying” zone.
Bitcoin (BTC) is charging toward a potential new all-time high near $115,000, as a surge in profitable supply signals growing bullish momentum and a classic setup for market euphoria.
Nearly 87% of Bitcoin supply in profit
As of April 28, approximately 86.9% of all Bitcoin coins were in profit, according to on-chain data resource CryptoQuant.
Historically, the metric’s climb into the 85–90% range has signaled a transition from healthy optimism to speculative euphoria among traders.
Between October and December 2024, for instance, Bitcoin’s price climbed from around $80,000 to over $100,000, a rally coinciding with Bitcoin’s profitable supply rising from under 80% to as high as 99%.
In his April 28 post, CryptoQuant-based analyst DarkFrost reminded that Bitcoin’s euphoric phases may not last for longer timeframes, leading to sharp corrections as holders begin realizing gains.
BTC’s price established a record high of nearly $110,000 in January, with its profitable supply hitting 99%. But the cryptocurrency dropped by over 30% afterward. Similar profit-taking behaviors have led to price corrections in the past, as shown above.
“Currently, the supply in profit has climbed back above 85%, which is fairly positive,” DarkFrost writes, noting that its recovery from the recent bottom of 75% is still better when compared to 45-50% lows witnessed during bear market corrections.
Besides, the BTC supply in profit still remains below 90%. Crossing above 90% has historically preceded profit-taking behavior among traders, suggesting that there’s more room to grow for BTC prices in the coming days.
DarkFrost argues:
“Of course, there are certain levels that are more "comfortable" than others, but generally, an increase in the supply in profit tends to fuel bullish phases.”
Additional onchain data also supports the bullish outlook. Bitcoin’s First Buyers and Momentum Buyers are actively accumulating, while Profit Takers remain relatively quiet, according to Glassnode metric tracking BTC’s cumulative supply per cohort.
This means fresh demand is coming in without heavy selling, a key ingredient for keeping the rally strong as anticipated by DarkFrost in the analysis above.
Bitcoin “max buying” zone hints at $115,000
In late April, Bitcoin bounced strongly from the $89,000–$90,000 support zone, a key horizontal level from prior price action strengthening the case for more upside.
The area, according to chartist CryptoCaesarTA, now acts as a “max buying” zone where buyers have aggressively stepped in to limit Bitcoin’s drawdowns.
Below it, the $70,000–$72,000 region remains untested, aligning closely with the long-term ascending trendline. If Bitcoin faces deeper pullbacks, this zone could serve as a critical secondary support.
For now, Bitcoin’s resilience above $90,000 keeps the bulls firmly in control.
Related: 5 Bitcoin charts predicting BTC price rally toward $100K by May
A breakout above the $100,000 psychological barrier could pave the way toward new all-time highs at $110,000–$115,000, according to CryptoCaesarTA. The upside target aligns with previous resistance highs and a so-called "weak high" zone on the weekly chart above.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.