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- On-chain data shows long-term Bitcoin holders remain inactive, signaling strong market confidence and low risk of major sell-offs.
- Short-term corrections represent healthy consolidation phases within an ongoing bullish market structure, not trend reversals.
In recent weeks, Bitcoin has fallen from around $120,000 to below $110,000. While this may seem like a warning sign to some, on-chain analyst PelinayPA sees it as evidence of healthy market strength.
The analyst believes the decline is more like a natural consolidation phase amid an unfinished uptrend.
According to his analysis, coins held for more than six months remain stagnant. This means that long-term holders are not selling despite the price correction.
“If this group were selling, there would be a significant spike in the coin age data,” PelinayPA explained.
This indicates high confidence from long-term investors and suggests that massive selling pressure has not yet appeared in the market.
A Healthy Pause Before the Next Rally
Interestingly, this pattern often appears in the middle or mature stages of a bull run cycle. Typically, when prices temporarily decline, the market is reorganizing its liquidity.
PelinayPA believes the market is currently in a “healthy adjustment” phase, where downward movement only serves to reinforce the larger bullish trend. He estimates there is a 55 percent chance that the bull market top has not yet been established.
On the other hand, CNF reports that selling pressure from long-term holders remains low at around $111,000. The on-chain market structure remains bullish, with the potential for a rally towards $150,000. If this trend persists, the current correction could actually present a new accumulation opportunity for patient investors.
Furthermore, other analysts, such as Crypto GEMs, also see a similar trend. Based on the Diminishing Golden Curves method, the next target for Bitcoin is in the $160,000–$170,000 range.
This prediction further strengthens the view that BTC’s long-term trend has not lost its momentum, despite current fluctuations.
The next target for is between $160,000 and $170,000
— Crypto GEMs 📈🚀 (@cryptogems555) October 21, 2025
Bitcoin Buyers Regain the Upper Hand
Meanwhile, on-chain analyst Amr Taha also shared interesting data from the derivatives market. According to its daily report, the Taker Buy/Sell ratio on Binance has again risen above 1.09—a figure last seen on October 1st.
This ratio measures who is more aggressive in placing orders: buyers or sellers. When the figure is above 1, buyers dominate the market, indicating strong buying pressure.
According to Amr Taha, if this ratio remains high for the next few sessions, it indicates bulls are attempting to regain short-term control.
However, he also warned that if prices fail to rise despite strong buying pressure, there could be a scenario of liquidity absorption by large players before the next downward movement.
Furthermore, large fund flows into ETFs also add color to market volatility. As of October 21st, the Bitcoin spot ETF recorded a net inflow of $477 million, while the Ethereum spot ETF added $142 million. This data indicates that institutional interest in crypto assets remains strong, despite the current price movement.
Meanwhile, at the time of writing, Bitcoin is changing hands at about $107,838, down slightly by 0.09% in the last 24 hours and 4.78% in the last 7 days.
Daily trading volume reached $11.78 billion, with a market cap at about $2.14 trillion. While these figures indicate the market is in an adjustment phase, many analysts believe Bitcoin’s bullish foundation remains solid.
