10x Research: Bitcoin Still in Upward Cycle, Next Target Price is $122,000

BlockBeats News, May 21st, 10x Research published an article stating, "On-chain data analysis shows that by 2025, Bitcoin's 'OG' wallets—belonging to early investors, miners, and longstanding exchanges—have been continuously moving Bitcoin out. This is not a panic sell-off, but a planned, rhythmic asset rotation, with Bitcoin steadily flowing towards high-net-worth individuals, hedge funds, and corporate treasuries like MicroStrategy's. At the same time, exchange balances remain low, and market volatility is being suppressed. This cycle is not like the rapid surge driven by retail impulse in 2017 or 2021."

This market is slow, strategic, and institution-led. As long as whales can continue to absorb selling pressure, Bitcoin still has room to rise. Bitcoin's historical pattern indicates that the real risk is not when long-term holders start selling, but when they stop selling. That's when demand begins to weaken, absorption fails, and early investors are once again forced back into 'passive holding.' We saw this scenario in March 2024 and again in January 2025.

Currently, the holdings of long-term holders are still increasing, indicating that this cycle is not yet over. We accurately predicted Bitcoin's breakout above $84,500, followed by rises to $95,000 and $106,000. The next target is $122,000, based on our analysis model of macro cycles and behavioral fund flows, which has repeatedly identified major turning points."