Key Takeaways:Bitcoin short-term holders (STHs) have slowed profit-taking activity, according to Glassnode.Around 70% of STH supply remains in profit, signaling market equilibrium.Bitcoin price holds near $115K after falling from the all-time high of $123,100 in mid-July.Onchain data suggests the bullish trend remains intact, despite recent pullbacks.Analysts remain optimistic, with projections for BTC to hit $200K–$250K in 2025.Bitcoin Market Remains “Balanced” as Profit-Taking CoolsShort-term Bitcoin holders are showing restraint in profit-taking despite recent price volatility, according to a new onchain analysis from Glassnode. The firm’s latest market report revealed that STH spent volume in profit — a metric tracking the portion of recent buyers selling at a profit — has dropped to 45%, below the neutral 50% mark.This cooling-off suggests that many recent investors are holding their positions instead of rushing to sell after Bitcoin’s modest rebound from a local low of $112,000.Bitcoin Holds Firm Near $115K After PullbackAt the time of writing, Bitcoin (BTC) is trading around $114,766, slightly recovering from a weekend dip to $112,044, according to Nansen. The pullback followed the July 14 all-time high of $123,100.Glassnode noted that the market is currently in a “relatively balanced position,” with:70% of short-term holder supply still in profitA near-even split between profit and loss among moved coinsThis condition aligns with typical midpoints in previous bull markets, the report said.Onchain Indicators: Weak Hands Selling, Bulls HoldingAdditional data from Checkonchain revealed that many of the recent “top buyers” are now exiting near their entry prices. According to their Spent Output Profit Ratio (SOPR) model, weaker hands are capitulating, while long-term holders appear unfazed.Checkonchain added, “What we want to see from here is a short, sharp dip into red territory, resolving back to green. This confirms the bull is still in play.”2025 Bitcoin Outlook: Analysts Still Eye $200K–$250K TargetsDespite the recent correction, sentiment among top crypto analysts remains resolutely bullish. Fundstrat’s Tom Lee, who previously predicted a $250K Bitcoin by year-end, reaffirmed his forecast this week.“I think Bitcoin should really build upon this 120 before the end of the year — $200K, maybe $250K,” Lee said in an interview on the Coin Stories podcast.Other analysts from firms like Standard Chartered and Bernstein have also projected year-end targets of $160K to $200K, citing growing institutional demand and macro tailwinds such as potential Fed rate cuts.Bitcoin Remains Resilient Despite VolatilityWith Bitcoin hovering around $115K, market data suggests a pause in profit-taking by short-term holders and strong long-term conviction among whales and institutions. As analysts continue to predict higher price levels for the second half of 2025, the current consolidation could serve as a launchpad for the next leg of the bull market.
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