Bitcoin Surges Above $115,000 as Analysts Predict New All-Time Highs

Bitcoin (BTC) has risen from around $108,000 on September 1 to over $115,000, marking a 4% gain in two weeks. On-chain data suggests potential for a new rally towards all-time highs.

Bitcoin's Movement Above Mid-Term Holders' Realized Price

Bitcoin's recent price increase surpassed the Realized Price of mid-term holders (3-6 months), which is approximately $114,000.
This level often acts as support or resistance, influencing sentiment and sell pressure.
A sustained breakout above this level may boost confidence among mid-term holders, possibly leading to further bullish momentum.
If BTC fails to maintain above $114K, it could lead to caution and potential corrective moves.

Short-Term Holders' Selling Pressure

Short-term holders (STH) are selling at a loss, indicating decreased confidence among speculators sensitive to price changes.
The Spent Output Profit Ratio (SOPR) shows STHs have been selling below their breakeven point after four months of profitability.
Institutional investors likely supported the recent price rise, as no extreme retail greed was observed.
Historically, market tops align with SOPR STH reaching extreme greed, a condition not yet met.

Some analysts warn Bitcoin may be nearing its cycle peak, while others anticipate a temporary slump in September before a Q4 rally. Predictions suggest BTC could hit $150,000 by Christmas. Currently, BTC trades at $115,050, up 0.7% in the last 24 hours.