#May Market Outlook# Bitcoin has surpassed the $96,000 level as we enter May, reaching its highest level since the correction in February. As the price moves towards the $97,000 threshold, the daily trading volume approached $30 billion with an increase of $7 billion compared to the previous day. Since the sharp dip at the end of February, Bitcoin has increased by 21%, and approximately 28% since the dip level at the beginning of April.

According to some experts, this rise represents a permanent movement based on long-term momentum, beyond a temporary reaction. Market participants believe that BTC has now moved beyond being a speculative asset and has become a fundamental component of institutional portfolios. Capital inflows occurring through corporate purchases and ETFs are among the indicators of this structural transformation.
Corporate purchases are pulling money into Bitcoin.
Companies holding BTC, like Strategy, continue to support this process with consistent purchases. Strategy (MSTR) has approached the end of its share buyback program by making additional purchases this week. Last week, it had purchased approximately $1.4 billion worth of BTC. Japan-based Metaplanet also announced that it will establish a new subsidiary in the US to expand its $481 million Bitcoin portfolio.
When these factors are added to the regular capital flows provided through ETFs, it seems that institutional interest continues. The $100,000 level, which investors consider psychologically important, stands out as another factor that supports this recovery.
Long-term investors may be preparing to sell
According to on-chain analysis firm Glassnode, the price increase of BTC has led long-term investors to reach serious amounts of unrealized gains. This group of investors, who have held BTC for at least six months, currently carries approximately 350% in unrealized profits. Historically, this rate has increased selling pressure in past market cycles.
According to Glassnode's analysis, the average LTH investor will have made a 350% profit by the time the BTC price reaches $99,900, and a breach of this level could lead to increased selling. In this case, the $100,000 level appears to be an area of resistance, not only psychologically, but also technically. The expected selling pressure will need to be met with serious buyer interest for sustained upward movement.
Glassnode also stated that the short-term investors of BTC have surpassed the (STH) cost basis and the 111-day simple moving average, but these levels need to be broken and maintained for support and resistance reversals to confirm a new upward trend. A rejection at these price levels could take BTC back to areas where significant unrealized losses were experienced, potentially shaking the confidence of traders.
Peter Brandt: "Bitcoin could see $150,000 in September, but a correction is inevitable"
Commodity investor Peter Brandt, who has nearly 50 years of experience, recently published a price prediction. According to his technical analysis, if Bitcoin returns to its broken parabolic curve, it could be expected to rise above $125,000 in August or September. Brandt predicts that if the rise continues, BTC could climb as high as $150,000.
However, Brandt emphasizes that a serious correction is inevitable if this scenario is approved. Similar parabolic movements were observed during the previous bull seasons in 2021 and 2017, followed by price corrections of up to 50%. Therefore, the possibility of a strong and sharp pullback after BTC's significant rise should also be taken into account by investors.
While Bitcoin's surpassing of the $96,000 level and approaching $100,000 reinforces the bullish mood in the market, on-chain data and technical analysis show that caution should be exercised against a possible selling pressure.
The $100,000 level stands out as a critical threshold both psychologically and in terms of on-chain investor behavior. If institutional purchases continue and strong demand persists in the spot market, it is seen that BTC could surpass this threshold, but strong support levels need to be maintained for its sustainability.
IT IS NOT INVESTMENT ADVICE