The Bitcoin price is once again the talk of the financial world as it pushed to $118K new ATH, piercing through key resistance levels, supported by strong on-chain metrics, institutional appetite, and renewed investors’ bullish sentiment.

With prices now hovering near record highs, still, analysts are eyeing more gains towards the $135 target. It seems the BTC market is gearing up for a massive shift. Keep reading to know why.

Long-Term Holders Absorb Supply: Bullish Pressure Intensifies

According to a recent Glassnode post on X it reveals that the Bitcoin balance on exchanges is continuing to decline. This indicates towards the trend largely attributed to long-term holders absorbing more BTC than what miners are issuing. This means that less BTC is available for trading, tightening supply and laying the groundwork for upward price pressure.

This behavior shows growing conviction among holders who are less likely to sell in the short term and it is directly seen as a bullish case.

Analysts Turn Ultra-Bullish: $135K in Sight?

Adding fuel to the fire, popular crypto analyst MisterCrypto has pointed out that Bitcoin is breaking out of a classic bull flag pattern, which traditionally signals continuation of an uptrend. In his analysis, he predicts that the current rally is far from over.

This aligns with the growing technical evidence suggesting Bitcoin may have entered a price discovery phase, where previous resistances no longer apply and the market is free to find new highs.

BlackRock and Big Money Bet Big on BTC

Institutional investors are also making significant moves. Most notably, BlackRock recently purchased 8,086 BTC, valued at over $1 billion, according to blockchain data highlighted by analyst Quinten François.

This sizable accumulation from one of the world’s largest asset managers is a major vote of confidence and signals growing institutional conviction in Bitcoin’s long-term value proposition. 

“Just Get In”: Michael Saylor’s Message Echoes

Meanwhile, Michael Saylor, one of Bitcoin’s loudest and most committed advocates, posted a humorous AI-generated image on X with a simple message:“Just Get In”.

This cheeky yet impactful post captures the current sentiment among BTC maxis and long-term investors.