Bitcoin's Next Bullish Leg Up on the Horizon, Analysts Suggest
After hitting its latest all-time high on August 14, Bitcoin (BTC) has experienced a steady decline, currently hovering just above the $110,000 mark. While some analysts hint at the potential end of the crypto bull run, recent on-chain data presents a compelling case for a significant upward movement still being on the horizon for BTC.
On-Chain Data Signals Accumulation
Intriguing on-chain movements have captivated market watchers. According to a CryptoQuant Quicktake post by contributor CoinCare, a substantial 50,000 BTC was recently withdrawn from the Kraken exchange over two days, closely followed by another major withdrawal of 15,000 BTC. Analysts highlight that such significant outflows are atypical during market peaks, where asset distribution often leads to inflows onto exchanges. This pattern strongly suggests a phase of accumulation by large players, indicating a potential continuation of the bull cycle rather than its conclusion.
Divergent Outlooks and Key Technical Crossroads
Despite these seemingly bullish on-chain indicators, the market presents a mixed picture. Another CryptoQuant analyst, Caueconomy, offers a contrasting perspective, observing that major BTC holders are actively reducing their exposure, marking the largest coin distribution seen in 2025. This collective risk aversion among whales has reportedly led to a tumble of 100,000 BTC in whale reserves over the past month, contributing to the price dipping below $108,000 in late August. However, technical analysis by figures like Titan of Crypto suggests Bitcoin is on the verge of invalidating a bearish double-top pattern on the daily chart. A decisive push above its neckline could inject fresh bullish momentum, potentially setting the stage for a new leg up. Conversely, Doctor Profit warns that a failure to defend the critical $107,000-$108,000 support level could see Bitcoin plummet to $90,000, with a breakdown below $98,000 potentially spelling disaster. Nevertheless, the overarching long-term bullish narrative for BTC appears robust. At press time, BTC trades at $110,460, reflecting a 0.9% decline in the last 24 hours.
