Analyst Warns Bitcoin Profit-Taking Could Intensify as BTC Reaches Highest Price in 3 Months
Following BTC's price surge during April, Bitcoin selling activity could intensify in the coming days as investors move to realize their accumulated profits.
As Bitcoin prices reach their highest levels in three months, profit-taking activity among investors could intensify, with holders beginning to lock in their gains, according to analysis from Julio Moreno, who serves as head of research at the onchain analytics platform CryptoQuant.
Following the April rally in Bitcoin prices, holders locked in profits totaling 14,600 BTC on Monday, equivalent to approximately $1.1 billion, Moreno noted. He pointed out that this represents the "highest" level of profit-taking observed in a single day since December 10, a time when BTC was changing hands above the $90,000 mark.
The onchain metric known as the Short-Term Holder Spent Output Profit Ratio (STH-SOPR), which measures profit-taking activity by wallets holding BTC for fewer than 155 days, has also climbed above the 1 threshold, indicating what he described as "clear profit-taking territory." According to his analysis:
Bitcoin holders are realizing more than 20,000 BTC in net profits on a 30-day rolling basis, the first positive reading since December 22, 2025, following a period of heavy net losses in February and March that reached as deep as 398,000 BTC.
According to Moreno, when realized profit levels experience spikes during cryptocurrency bear markets, they typically indicate local price tops or periods of sideways price movement. He emphasized that while realized profits have increased, demand has failed to keep pace, meaning BTC continues to trade within bear market conditions.
Bitcoin ETF inflows maintain strength as analysts express divided opinions on market conditions
Bitcoin exchange-traded funds (ETFs) continue to experience strong inflows, with positive flows recorded on four days during this week, based on data from Farside.
Throughout the week, ETF inflows climbed beyond the $1 billion threshold, though Friday saw an outflow amounting to $268.5 million, as indicated by data from Farside.
Market analysts continue to hold differing views regarding whether BTC has reached its bottom or if the current bear market will experience further deterioration.
In a conversation with Cointelegraph, Michael Terpin, who was an early investor in Bitcoin, suggested that BTC could find its bottom at the $57,000 level in October 2026. This projection is grounded in "historic" price patterns where BTC typically reaches its cycle low approximately one year following the cycle top, according to Terpin's explanation.
While there exists a "chance" that Bitcoin could recover and reclaim the $100,000 price threshold in 2026, the probability of this occurring is "unlikely," Terpin explained to Cointelegraph.