Bitcoin (BTC) Price: On-Chain Data Signals $110K Rally—Bernstein Doubles Down on $200K Target

Bitcoin's on-chain metrics are flashing bullish signals as analysts spot accumulation patterns reminiscent of early 2021. With whale wallets loading up and exchange reserves thinning, the path to $110K appears increasingly plausible.

Bernstein maintains its aggressive $200K year-end target, citing institutional adoption and ETF inflows. "This isn't retail FOMO—it's capital rotation from traditional finance," notes senior analyst Gautam Chhugani.

Meanwhile, skeptics point to leveraged positions hitting 3-month highs—because nothing says 'healthy bull market' like futures traders begging for a liquidation cascade.

TLDR

• Bitcoin trades at $107,428 after 1.6% daily gain, recovering from recent dip to $100K levels
• Bernstein analysts maintain “high-conviction but conservative” $200K Bitcoin price target for this cycle
• On-chain metrics show bullish accumulation patterns with Binance Taker Buy/Sell Ratio climbing to 1.1
• Long-Term Holder Realized Cap surpasses $56 billion, indicating strong conviction among investors
• Over $550 million in stablecoins flowed into Binance recently, suggesting readiness for asset purchases

Bitcoin has resumed its upward trajectory with a modest 1.6% gain over the last 24 hours. The cryptocurrency now trades at $107,428 after recovering from last week’s dip toward $100,000 levels.

The recent decline was triggered by market-wide volatility and profit-taking activity. Bitcoin remains approximately 4.2% below its all-time high of $111,000 reached last month.

Despite the current gap from peak levels, the weekly trend shows a 3.3% increase. This suggests buyers are gradually regaining confidence in the market.

Investment firm Bernstein has reiterated their conviction in bitcoin through a recent client note. The analysts maintain a “high-conviction but conservative price forecast” of $200,000 for this cycle.

Their latest Digital Assets Memo highlights broadening mainstream interest in blockchain technology. This extends beyond Bitcoin’s traditional “store of value” use case.

Bernstein notes that the distinction between “blockchain (useful tech) and crypto (‘useless’)” is becoming blurred. The firm points to stablecoins and tokenization-driven financial applications being built on public blockchain networks.

On-Chain Metrics Signal Accumulation

CryptoQuant contributor Amr Taha recently analyzed several on-chain indicators that point to potential rally continuation. These metrics include the Binance Taker Buy/Sell Ratio, UTXO age bands, and the Long-Term Holder realized cap.

All three indicators suggest market participants are actively accumulating Bitcoin. They also point to underlying sentiment shifting toward renewed bullish behavior.

Binance’s Taker Buy/Sell Ratio has recently climbed to 1.1. This metric evaluates the volume of aggressive market buys versus market sells on the exchange.

A ratio above 1 typically implies more participants are willing to pay market price to buy than to sell. This indicates stronger buyer conviction according to historical patterns.

The Buy/Sell Pressure Delta over the last 90 days shows additional strength. This indicator tracks the net difference between buying and selling pressure.

The metric is now halfway to its historical peak at 0.02. Taha explains this suggests a market not yet overheated with room for further accumulation.

Institutional Interest Continues Growing

The crypto market cycle began with the institutionalization of Bitcoin through spot ETF launches. These products now manage approximately $120 billion in assets.

Ethereum ETFs have seen assets under management reach around $9 billion. ETH ETF inflows totaled $815 million in the last 20 days.

The Long-Term Holder Realized Cap has surpassed $56 billion according to recent data. This reflects strong hands holding a larger share of Bitcoin supply.

These coins have not moved in over 155 days and represent investors with higher conviction. The increase implies fewer coins are being sold into the market.

Many investors appear to be expecting higher valuations in coming weeks or months. This behavior supports the accumulation thesis presented in the on-chain analysis.

More than $550 million in stablecoins have flowed into Binance in recent hours. Such inflows to spot exchanges often suggest readiness to deploy capital for direct asset purchases.