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