Bitcoin Price Signals $115K Target as On-Chain Data Nears Euphoria Zone

Exciting times for crypto investors! Bitcoin price is showing strong signs of aiming for significant upside, potentially reaching $115,000. This bullish outlook is heavily supported by key on-chain data metrics, suggesting the market is entering a phase often associated with strong rallies and growing investor confidence.

Understanding the Bitcoin Price Surge: The Supply in Profit Metric

A major indicator driving this optimism is the percentage of the Bitcoin supply that is currently in a state of profit. According to data from CryptoQuant, approximately 86.9% of all BTC coins are now held at a price higher than their acquisition cost. This metric is crucial for Bitcoin analysis because it reflects the overall health and sentiment of the market.

Historically, when the percentage of profitable Bitcoin supply climbs into the 85-90% range, it signals a shift from cautious optimism to a more speculative, sometimes described as ‘euphoric,’ market environment. For instance, a similar rise in this metric coincided with a significant price increase between October and December 2024.

While the current level near 87% is positive, it’s important to note that reaching above 90% has often preceded periods where holders begin to realize gains, leading to potential price corrections. This was seen in January when the profitable supply hit 99% just before a notable price drop. However, the current level, recovering from a low of 75%, indicates a much stronger position compared to bear market bottoms.

What On-Chain Data Tells Us About Buyer Behavior

Further supporting the bullish case for the Bitcoin target are insights from other on-chain data sources like Glassnode. Their metrics tracking cumulative supply per cohort reveal that ‘First Buyers’ and ‘Momentum Buyers’ are actively accumulating BTC. Crucially, ‘Profit Takers’ remain relatively inactive.

This pattern indicates that fresh capital is entering the market, and existing holders who are in profit are largely choosing to hold rather than sell. This combination of strong demand and limited selling pressure is a fundamental requirement for sustaining a price rally and achieving higher targets like $115K.

Technical Analysis Backs the $115K Bitcoin Target

Beyond on-chain metrics, technical analysis also provides a compelling picture. Bitcoin recently demonstrated resilience by bouncing strongly from the $89,000–$90,000 area. This zone has acted as a significant support level, often referred to by chartists as a ‘max buying’ zone where demand aggressively steps in to prevent further declines.

Chart analysis suggests that as long as Bitcoin maintains strength above the $90,000 level, the path of least resistance is upwards. A successful breakout above the psychological barrier of $100,000 could clear the way for a move towards the next major resistance zone. This area, identified around $110,000–$115,000, aligns with previous highs and technical resistance points on longer timeframes.

While the focus is on upside, it’s prudent to acknowledge potential support levels in case of pullbacks. The $70,000–$72,000 region, aligning with a long-term trendline, remains a critical secondary support zone that has not been tested recently.

Conclusion: Is $115K Within Reach for BTC Price?

Combining insights from on-chain data and technical analysis paints a promising picture for the Bitcoin price. The high percentage of supply in profit, coupled with active accumulation from new buyers and limited selling, creates a fertile ground for continued upside. The bounce from key technical support levels further strengthens the bullish narrative.

While the market is nearing a zone historically associated with euphoria and potential profit-taking, current data suggests there may still be room for growth before significant selling pressure emerges. The $110,000–$115,000 range appears to be a plausible Bitcoin target if the current momentum persists. However, investors should remain mindful of the historical tendency for corrections once the profitable supply exceeds 90%.

This analysis is for informational purposes only and should not be considered investment advice.