Bitcoin Supply on Exchanges Drops 7-Year Low, Price Targets $106,000
2min read Bitcoin (BTC) is on track to achieve significant price milestones in 2025, supported by optimistic forecasts from various institutions. The cryptocurrency is seen as both a speculative asset and a promising long-term investment option, bolstered by support from ETFs and a positive market sentiment. However, caution is advised if the profitable supply exceeds 90%, as this could indicate potential market corrections.
The Bitcoin market is exhibiting encouraging signs, with the supply on centralized exchanges (CEX) dropping to a 7-year low. Data indicates that only about 2.492 million BTC remain on exchanges, a significant decrease from the previous week. This reduction in supply on exchanges is often seen as a bullish signal, as it lowers selling pressure and paves the way for price growth.
Over the past week, approximately 56,164.88 BTC were withdrawn from CEX platforms, further indicating that investors are accumulating and reducing selling pressure. Additionally, the percentage of Bitcoin’s supply in profit has surpassed 85%, a historically high figure. However, if this ratio exceeds 90%, the market may enter a phase of "historic euphoria" and face a correction, suggesting that while current metrics are favorable, vigilance is required to navigate potential volatility.
New capital inflow into the market is also on the rise. A recent report indicates that $3.2 billion poured into Bitcoin funds in the last week of April 2025. These factors are bolstering confidence that Bitcoin could soon hit significant price targets.
Amid a generally optimistic market outlook, numerous experts and organizations have expressed positivity regarding BTC’s price. Matrixport, a reputable crypto service platform, asserts that Bitcoin’s upward momentum is gaining strength. In its latest analysis, Matrixport indicated that Bitcoin is approaching the $106,000 resistance level, with a strong likelihood of breaking through this mark soon. Previously, Matrixport had predicted that new capital inflows into the market would propel Bitcoin past the $100,000 threshold. This analysis is further supported by whales’ subtle yet significant accumulation, extreme greed sentiment, and high optimism, which have brought BTC closer to the $100,000 mark.
Willy Woo, a renowned analyst in the crypto industry, also shared an optimistic view. He believes that Bitcoin’s fundamentals have shifted to a bullish state, with the market likely to either move sideways or rise slowly in the coming period. Woo emphasized that the “bullish ascending triangle” pattern he previously mentioned is forming, signaling a potential strong upward move if Bitcoin breaks through the resistance level.
Furthermore, a report revealed that 45.4% of South Korean investors believe Bitcoin will outperform gold in the next six months. This reflects strong confidence from a key Asian market. Additionally, ARK Invest predicts that Bitcoin’s price could reach $2.4 million by 2030, driven by the growth of Bitcoin ETFs and increasing adoption by financial institutions. These long-term forecasts further reinforce the belief that Bitcoin’s potential extends far beyond the $100,000 mark, with significant growth prospects in the future.
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