All Bitcoin Groups Turn to Accumulation as BTC Eyes $124K Record High Next

Bitcoin (BTC) looks poised to break higher toward a fresh record level near $124,000, as onchain and technical indicators flash strong upside conviction.

Whale-to-Retail Wallets Show Unified Accumulation

All major Bitcoin wallet cohorts—from sub-1 BTC holders to “mega whales” with over 10,000 BTC—are in synchronized accumulation mode, according to onchain analytics firm Glassnode.

The broad-based accumulation is depicted in the “Trend Accumulation Score by Cohort” chart, where darker red shades indicate stronger buying behavior.

Notably, wallets holding over 10,000 BTC—typically associated with institutional players and crypto-native funds—have re-entered a high-conviction BTC accumulation phase.

The last time this cohort accumulated this aggressively was in December 2024, shortly before BTC’s explosive rally from $70,000 to over $100,000.

Mid-sized cohorts (10–1,000 BTC) and retail-sized wallets (<1 BTC) have also steadily increased their positions, indicating that the current uptrend enjoys support across the full spectrum of investors.

Symmetrical Triangle Breakout Targets $124,000 BTC Price

From a technical standpoint, BTC/USD is nearing the breakout stage of its prevailing symmetrical triangle pattern on the 4-hour chart, confirming a continuation of the broader bullish trend that began in late June.

The breakout will appear when the BTC price decisively breaks above the triangle’s upper trendline. In doing so, BTC will likely eye a conservative upside target near $124,000, just a few hundred dollars above the crypto’s record high from early in July.

Bitcoin’s relative strength index (RSI) remains in a healthy zone around 57, suggesting room for further upside without immediate overbought concerns.

Bitcoin’s bullish momentum is being driven by a combination of favorable macro and regulatory tailwinds.

In the US, crypto-friendly legislation—including the FIT21 framework and a stablecoin oversight bill—is advancing through Congress, providing much-needed clarity for institutional investors.

At the same time, growing market expectations of a Federal Reserve rate cut in September are weakening the US dollar, making BTC more attractive as a hedge. Meanwhile, spot Bitcoin ETF inflows remain strong, adding sustained buy-side pressure.