Record Monthly Close Fuels Bullish Case for a $130K Bitcoin

• Bitcoin’s record $107K monthly close sets the stage for a run toward $130K
• On-chain profits surge as market sentiment heats up without signs of overheating
• Institutions like Metaplanet double down, fueling Bitcoin’s long-term bullish case

Bitcoin’s recent monthly close above $107,000 has reignited bullish sentiment, fueling expectations of a parabolic move toward $130,000. 

Despite some short-term price pullbacks, analysts believe Bitcoin is far from its peak, as strong institutional buying and rising network profits reflect a solid foundation of underlying strength.

Q2 Gains Fuel Q3 Optimism

Carl Moon, a popular crypto analyst, highlighted Bitcoin’s 30% gain in the second quarter alone. He believes the real bull phase hasn’t even begun. According to Moon, the current setup hints at a much stronger rally ahead, especially as Q3 historically performs well for crypto assets.

Meanwhile, on-chain metrics are beginning to mirror the early stages of euphoric market behavior. Glassnode data shows that realized profits on the Bitcoin network recently hit $2.46 billion in a single day. 

The seven-day moving average reached $1.52 billi…

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