Bitcoin News Today: Bitcoin Surges Past $118,000 as 67% in Individual Hands Spur $131k Target

Bitcoin’s price has surged past $118,000 amid a market structure that highlights the decentralized nature of its ownership. Recent data from River Financial, a Bitcoin-focused financial institution, reveals that 67% of all BTC remains in individual hands, significantly higher than institutional holdings, which account for just 13.8% [1]. This distribution challenges assumptions of whale dominance in price movements and aligns with Bitcoin’s foundational ethos of decentralization. The resilience of Bitcoin during recent selling pressure, including a critical close above $115,000 to fill the CME gap, underscores the influence of individual holders in stabilizing the market [2].

Technical analysis further reinforces bullish momentum. An Elliott Wave pattern on Bitcoin’s daily chart suggests the asset is in the early stages of Wave (V), with a projected target of $131,757 as waves (i) through (iv) are completed [3]. The price is currently consolidating near the 9-day EMA at $118,016.64, with a bull pennant or flag formation indicating potential for continued upward movement. While the RSI at 66.42 remains below overbought levels, the pattern implies room for further gains.

The Index Bitcoin Cycle Indicators (IBCI) adds another layer of insight. After five months, the index has entered the Distribution zone, historically associated with market euphoria and cycle peaks. However, it currently sits at 80% of this range—well below the 100% threshold that has historically signaled major tops [4]. This suggests that Bitcoin’s potential for a $140,000–$150,000 rally remains intact, as aggressive profit-taking typical at cycle peaks has yet to materialize.

The decentralized ownership structure, combined with technical and cyclical indicators, positions Bitcoin for continued volatility but also highlights its structural strength. While institutions have been observed buying heavily during corrections, the dominance of individual holders ensures that price movements are less susceptible to centralized control. This dynamic supports the argument that Bitcoin’s long-term price potential is tied to its ability to maintain broad, decentralized ownership, a key factor in sustaining its role as a decentralized store of value.

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[1] [title: Bitcoin Price Prediction: 67% of BTC Still in Individual Hands – What Does This Say About Price Potential?](https://cryptonews.com/news/bitcoin-price-prediction-67-of-btc-still-in-individual-hands-what-does-this-say-about-price-potential/)

[2] [title: Bitcoin Price Prediction: 67% of BTC Still in Individual Hands – What Does This Say About Price Potential?](https://cryptonews.com/news/bitcoin-price-prediction-67-of-btc-still-in-individual-hands-what-does-this-say-about-price-potential/)

[3] [title: Bitcoin Price Prediction: 67% of BTC Still in Individual Hands – What Does This Say About Price Potential?](https://cryptonews.com/news/bitcoin-price-prediction-67-of-btc-still-in-individual-hands-what-does-this-say-about-price-potential/)

[4] [title: Bitcoin Price Prediction: 67% of BTC Still in Individual Hands – What Does This Say About Price Potential?](https://cryptonews.com/news/bitcoin-price-prediction-67-of-btc-still-in-individual-hands-what-does-this-say-about-price-potential/)