10x Research: Bitcoin is still in an upward cycle, with the next target level being $122000

BlockBeats News: On May 21st, 10x Research published a report stating that on chain data analysis shows that in 2025, Bitcoin's "OG" wallet - the wallets of early investors, miners, and established exchanges - has been continuously distributing Bitcoin. This is not a panic selling, but a planned and rhythmic asset rotation, where Bitcoin is steadily flowing towards high net worth individuals, hedge funds, and corporate treasuries like MicroStrategy. At the same time, the deposit volume of whale level trading platforms remains low, and market volatility is also being suppressed. This round is not the kind of crazy rise driven by individual investors' impulses in 2017 or 2021. This market trend is slow, strategic, and institution led. As long as major investors can continue to absorb selling pressure, there is still room for Bitcoin to rise. The historical pattern of Bitcoin suggests that the real risk is not when long-term holders start selling, but when they stop selling. That was when demand began to weaken and absorption failed, and early investors were forced to revert back to being 'passive holders'. I saw this situation in March 2024 and it happened again in January 2025. Both signals were very clear - we also turned bearish in a timely manner at that time. And now, the holdings of long-term holders are still increasing, indicating that this cycle has not yet ended. We accurately predicted that Bitcoin would break through $84500 and then rise to $95000 and $106000. Our next target is $122000, and this judgment is still based on our analysis models of macro cycles and behavioral capital flows, which have successfully identified major turning points multiple times.