10x Research: Bitcoin is still in a rise cycle, the next target is $122,000

BlockBeats News, on May 21, 10x Research published an article saying that on-chain data analysis shows that in 2025, Bitcoin’s “OG” wallets, that is, the wallets of early investors, miners, and established exchanges, have been continuously distributing Bitcoin. This is not a panic sell-off, but a planned, rhythmic rotation of assets, and Bitcoin is steadily flowing into the coffers of high-net-worth individuals, hedge funds, and corporations like MicroStrategy. At the same time, the amount of coins deposited on whale-level trading platforms remains low, and market volatility is also suppressed. This round is not the 2017 or 2021 rally fueled by retail impulses. This time the market is slow, strategic, and institutional-led. As long as the big players can continue to absorb the selling pressure, Bitcoin still has room to rise. Bitcoin’s history shows that the real risk is not when long-term holders start selling, but when they stop selling. That’s when demand starts to wane, absorption fails, and early investors are forced to revert back to being “passive holders”. This was seen in March 2024 and again in January 2025. Both of those signals were clear – we also turned bearish in time at that time. And now, the amount of coins held by long-term holders is still rising, indicating that this cycle is not over yet. We accurately predicted that Bitcoin would break through $84,500 and then rise to $95,000 and $106,000. Our next target is $122,000, which is still based on our analytical models of macro cycles and behavioral flows, which have successfully identified major inflection points on several occasions.