Bitcoin is knocking on $100K's door again, and on-chain metrics suggest it's ready to kick it down.

A massive 87% of Bitcoin's supply is now in profit, putting us on the edge of the infamous "euphoria zone" where things get wild.

We've been here before, and it usually means either face-melting gains or a brutal correction that sends degens back to their day jobs.

The Profit Party

CryptoQuant's latest data shows 86.9% of all Bitcoin is now sitting in profit.

Historically, when we cross into the 85-90% range, rational investors start acting like it's 2017 again and send anything and everything sky high.

The last time we reached these levels, Bitcoin surged from $80K to over $100K in just two months.

However, there's always a hangover after the party – January's peak near $ 110,000 was followed by a 30% correction, which had leverage traders contemplating their life choices.

This Time Feels Different

Unlike previous peaks, whales aren't dumping on retail this time around.

Glassnode data shows the big boys with 10,000+ BTC are accumulating more, not less.

Bitcoin ETFs are seeing record inflows while exchange balances are at their lowest point since 2018.

CryptoQuant analyst DarkFrost is bullish, essentially stating that profits fuel more profits in a market already high on the hopium.

The Numbers Looks Pretty

Bitcoin just bounced hard off the $89K-$90K range like it was a trampoline made of FOMO.

If things go south, the $70K-$72K zone is the next significant support – but right now, bulls are charging ahead.

The $100K psychological barrier is the only thing standing between us and new all-time highs.

And the liquidity is there to fuel it – Tether and Circle have just minted $13 billion in stablecoins, essentially providing rocket fuel for the next leg up.

Where We Go From Here

Standard Chartered thinks we're heading to $120K this quarter, and they're usually the boring suits in the room.

Institutional money isn't just dipping toes anymore – they're diving in headfirst with both traditional and crypto-native funds.

The weekly chart is pointing to $110K-$115K as the next target before any serious resistance.

The Warning Sign

When Bitcoin's profitable supply hits 90%, that's usually when the music stops.

Smart money starts taking profits while newcomers FOMO in, thinking number will go up forever.

We've seen this movie before – euphoria phases tend to end with red candles that make grown men cry.

For now, the trend is your friend, but keep your finger close to the eject button when you start seeing your Uber driver giving Bitcoin price targets.