Bitcoin Profit-Taking Accelerates as Price Hits 3-Month High Amid Bear Market
Bitcoin is experiencing accelerated profit-taking as its price reaches a three-month high, despite remaining in a broader bear market, according to Julio Moreno, head of research at CryptoQuant. On-chain data reveals that holders realized $1.1 billion in profits on a single Monday, marking the highest daily profit-taking since December when Bitcoin traded above $90,000. The Short-Term Holder Spent Output Profit Ratio (STH-SOPR) has risen above 1, indicating significant selling activity by recent investors. While Bitcoin ETF inflows remain strong with over $1 billion added this week, analysts are divided on the market's trajectory. Moreno notes that spikes in realized profits during bear markets often signal local price tops or sideways movement, as demand has not yet caught up with supply. Meanwhile, early investor Michael Terpin predicts Bitcoin could bottom at $57,000 in October 2026, based on historical cycle patterns, though he considers a return to $100,000 unlikely. This divergence in expert opinion highlights the uncertainty surrounding whether the current rally represents a genuine recovery or a temporary fluctuation within a continuing downturn.
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Bitcoin Profit-Taking Accelerates as Price Hits 3-Month High Amid Bear Market
Bitcoin is experiencing accelerated profit-taking as its price reaches a three-month high, despite remaining in a broader bear market, according to Julio Moreno, head of research at CryptoQuant. On-chain data reveals that holders realized $1.1 billion in profits on a single Monday, marking the highest daily profit-taking since December when Bitcoin traded above $90,000. The Short-Term Holder Spent Output Profit Ratio (STH-SOPR) has risen above 1, indicating significant selling activity by recent investors. While Bitcoin ETF inflows remain strong with over $1 billion added this week, analysts are divided on the market's trajectory. Moreno notes that spikes in realized profits during bear markets often signal local price tops or sideways movement, as demand has not yet caught up with supply. Meanwhile, early investor Michael Terpin predicts Bitcoin could bottom at $57,000 in October 2026, based on historical cycle patterns, though he considers a return to $100,000 unlikely. This divergence in expert opinion highlights the uncertainty surrounding whether the current rally represents a genuine recovery or a temporary fluctuation within a continuing downturn.
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