BTC price analysis concluded that onchain signals had “confirmed” the new Bitcoin bull market.

Bitcoin (BTC) faces its “next real test” at $90,000 as traders continue to return to unrealized profit.

In its latest weekly report issued on Tuesday, onchain analytics platform CryptoQuant warned that the area around $90,000 will bring increased odds of profit-taking should price reach it.

Bitcoin traders’ realized price — the average acquisition price of BTC that last moved onchain between one and three months ago — currently sits at $64,300. CryptoQuant data shows upper and lower bands around this level, signifying profit or loss margins for this cohort of the supply. The “upper band” for profit-taking sits at $90,300, or 40% above the realized price.

“The upper band coincides with the $88K–$90K on-chain supply cluster, making it the next resistance to clear. Historically, as price approaches the upper band, trader profit margins stretch and selling can intensify — a natural pause point within an uptrend, not a reversal,” CryptoQuant analysts stated.

The report describes the path between current spot price at $86,000 and the profit-taking zone as “largely clear” while seeing no return to bear-market conditions.

“The bull market is confirmed. Technicals, valuation and on-chain data now point the same way — up,” it continued, echoing a previous assertion from CryptoQuant CEO Ki Young Ju.

In an X post this week, Ki saw future Bitcoin price cycles becoming less extreme than previous ones thanks to a shift from retail to institutional BTC ownership.

“Today, a much larger market and growing institutional ownership are dampening both extremes.

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