CryptoQuant: Bitcoin bull cycle is not over yet, short-term support is at $100,000

PANews reported on October 24th that according to CryptoQuant's weekly report, whale addresses (those holding 100 to 1,000 Bitcoins) currently hold approximately 5.16 million BTC, representing 26% of the circulating supply, making them the most significant holding group in the current market. By 2025, whale addresses will have accumulated approximately 681,000 BTC, while other address groups will have seen net decreases, indicating a trend of institutional investors absorbing retail selling. The annual growth rate of whale holdings is 907,000 BTC, exceeding the 365-day average of 730,000 BTC, indicating continued strong long-term demand.

However, short-term momentum is weakening. If the monthly increase in holdings fails to reaccelerate, Bitcoin's price may struggle to break through $126,000. Currently, Bitcoin faces resistance at $115,000 and support at $100,000. A break below $100,000 could trigger a further correction to around $75,000. Historical data shows that an annual increase in whale holdings below the 365-day average often signals the end of a bull market. Current data suggests the market may still be in its late stages, and future trends depend on whether this group can accelerate its pace of increase.