Amid high demand, Bitcoin is poised to repeat its 2015-2018 bull run

Earlier this week, Bitcoin reached a new all-time high (ATH), briefly surpassing $108,000. However, the crypto king experienced a setback, falling below $96,000.

While the decline reflects short-term profitability, the continued attention doesn't negate the cryptocurrency's long-term potential.

Bitcoin is changing hands.

Medium-term bitcoin holders, especially those who have held BTC for six to 12 months, are leading the current profit-taking trend. These investors have accumulated in previous cycles and are now taking the opportunity to lock in the benefits.

This behavior reflects the bull market of 2015-2018 when the cost-to-profit ratio (SOPR) remained below 2.5 for an extended period, eventually giving way to a bullish rally.

As seen in previous bull markets, taking too much profit from these owners can lead to exhaustion levels. For Bitcoin to maintain its upward momentum, increased demand and the introduction of new buyers are critical. Without these factors, a bull run may face challenges in maintaining its momentum.

The HODL waves show a significant increase in wealth held by the recently moved Bitcoin, indicating increased demand-side activity. Coins previously held by long-term investors are being distributed to new buyers, indicating that fresh capital is entering the market. This trend reflects the growing interest in Bitcoin despite recent price fluctuations.

However, the amount of wealth held by new investors has yet to reach the highs of previous ATH cycles. While current metrics show positive signs, Bitcoin's macro momentum hinges on whether this demand continues to grow. Continued accumulation by new market participants will be key to driving future price rallies.

BTC Price Prediction: Future Recovery

Bitcoin is expected to find immediate support around $95,000. Currently trading at $95,144, the cryptocurrency may recover if market sentiment remains positive.

The next milestone for Bitcoin is turning $95,668 into support. Achieving this will pave the way for more than $100,000 back. Overcoming this psychological barrier again shows confidence and high pressure, which can attract more buyers.

Failure to hold the $95,000 range or increasing profit taking could cause Bitcoin to go lower. In such a scenario, the next significant support level is placed at $89,800. A decline to this point can invalidate the bullish thesis, indicating a potential bearer level for the market.