Bitcoin Aims At New ATH Between Scarcity and Accumulation Whale

Bitcoin has surpassed the $100,000 mark, fuelling signs that the world's largest cryptocurrency could reach a new all-time high (ATH).

The combination of positive on-chain fundamentals, accumulation by whales, dwindling liquid supply and favourable macroeconomic conditions confirms that Bitcoin's rise is far from over.

According to Glassnode, the accumulation trend has gained momentum across all wallet ranges. Started by whales with over 10,000 BTC in early April, buying has also increased among wallets of 100 to 1,000 BTC. Even small investors with less than 100 BTC are increasing their reserves, as evidenced by the decreasing red zones in the "Trend Accumulation Score by Cohort" chart.

According to analyst firm on-chain Santiment, whales have accumulated 83,105 BTC in the past 30 days alone. This massive accumulation has pushed the Spot Volume Delta into the positive zone - a sign of growing optimism in the market.

At the same time, the illiquid supply of Bitcoin has reached an all-time high of 14 million BTC, worth more than $1.4 billion. These Bitcoins are held by long-term investors who have no immediate plans to sell, greatly reducing the supply in circulation. This scarcity, coupled with increased demand, could drive the price up further.

Retail activity is also improving. Although a new wave of retail buyers has not yet emerged, retail buying volumes have rebounded according to data from CryptoQuant on the world's largest exchange, Binance.

Market analyst Carmelo Alemán interpreted this sustained growth as a good sign of the return of general investor interest.

"In the coming months, as retail participation increases, we expect growth in active addresses, UTXO count, and metrics such as new addresses and transfer volume, reflecting the sustained expansion of the crypto ecosystem," said Alemán.

Strengthening the bullish forecast, crypto commentator Colin Talks Crypto pointed to the close correlation between Bitcoin's price and the global M2 coin supply. Since 8 April, the growth of M2 - indicative of central banks' monetary expansion - has followed the rise of BTC from $76,000 to $105,000. According to his forecast, Bitcoin could reach $120,000 by the end of May.

"Bitcoin is still in line with the global M2. Over $120,000 by end of May?" said Colin on X.

Market sentiment is also heating up. The odds of Bitcoin touching a new ATH this month have risen from 11% to 60% on forecasting platform Polymarket, stabilising at 51%. This growing optimism could generate a FOMO (fear of being left out) effect, attracting new investors.

The price of Bitcoin has already reached record levels in countries such as Argentina and Turkey, where local currencies have devalued heavily. Tim Draper remains optimistic, predicting a price of $250,000 by the end of 2025. Standard Chartered offers a more moderate estimate: $120,000 by the second quarter of 2025.

With multiple bullish indicators lining up, Bitcoin looks poised to reach another historic milestone - perhaps in a matter of weeks.