Bitcoin continues to trade above the $100,000 mark, signaling strength and stability as on-chain metrics align in favor of a prolonged bull market, according to multiple analysts.
On May 14, CryptoQuant researcher Axel Adler noted that Bitcoin’s realized price—the average price at which all BTC was last moved on-chain—sits at around $45,000. This significant gap between the market price and realized price suggests strong investor conviction and profitable holding positions.
Adler added that the daily realized price yield currently ranges between 0.10% and 0.23%, or 36% to 85% on an annualized basis, further supporting the case for sustained positive momentum.
“These positive yet moderate returns indicate a sustained bull phase underpinned by solid fundamentals,” Adler commented.
On-Chain Activity Signals Market Strength
According to Glassnode, Bitcoin’s realized market capitalization has risen by nearly $30 billion in May after plateauing in April. This metric, which reflects the total cost basis of all coins in the market, is growing at about 3% monthly, indicating steady capital inflows despite a slower pace compared to the post-election accumulation surge in late 2024.
Another bullish sign is the increase in the long-term holder realized price, now at $45,340. This indicates that coins bought during the $90K–$100K range in December have transitioned into long-term holdings, reducing sell-side pressure.
Glassnode noted that this “aging” of BTC holdings is gradually lifting the cost basis of long-term holders, further reinforcing bullish sentiment by easing distribution risk.
Retail Investors Re-Enter the Market
Meanwhile, CryptoQuant analysts reported a renewed influx of retail investors—those with balances under $10,000—returning to Bitcoin. From April 28 to May 13, purchases from this group rose 3.4%, a sign of growing market confidence.
“As retail participants re-enter, they often trigger a feedback loop that amplifies bullish sentiment and intensifies buying pressure,” analysts explained.
Bitcoin Price Outlook: Bullish Momentum Building
Bitcoin reached an intraday high of $104,000 on Wednesday but saw slight retracement to just under $102,000 in Thursday’s early Asian trading. The asset has now spent over a week holding above six figures, a key psychological and technical level.
With BTC up 20% over the past month and trading just 5.6% below its all-time high of $108,786, analysts are increasingly confident that a breakout is near.
Technical analyst Tony Severino commented, “Range breakouts tend to be strong and happen in one large weekly candle,” suggesting a possible breakout before the end of May.
