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

On May 21st, 10x Research released a post indicating that "Through on-chain data analysis, it is found that in 2025, Bitcoin's 'OG' wallets - those belonging to early investors, miners, and long-standing exchanges - have been continuously disposing of Bitcoin. This is not a panicked sell-off but a planned and rhythmic asset rotation. Bitcoin is steadily flowing towards high-net-worth individuals, hedge funds, and corporate treasuries such as MicroStrategy's. Meanwhile, exchange deposit levels remain low, and market volatility is being curbed. This cycle is different from the rapid rise driven by retail FOMO in 2017 or 2021." This market trend is slow, strategic, and driven by institutions. As long as whales can continuously absorb the selling pressure, Bitcoin still has room for growth. Bitcoin's historical pattern shows that the real risk is not when long-term holders start selling but when they stop selling. It is at that time that demand begins to weaken, absorption fails, and early investors are once again forced to become 'passive holders.' We witnessed this situation in March 2024 and again in January 2025. Both signals were clear, which led us to switch to a bearish view at that time. Currently, the holdings of long-term holders are still on the rise, indicating that this cycle is not yet over. We accurately predicted Bitcoin breaking through $84,500, then rising to $95,000 and $106,000. Based on our analysis model of macro cycles and behavioral fund flows, our next target is $122,000, and we have repeatedly identified major turning points.