Analyst: Bitcoin fundamentals remain bullish, long-term holders continue to increase their holdings to form buffer support

CryptoQuant analyst Axel Adler Jr said in a post that despite the brief correction in bitcoin prices to $103,000 to $104,000, the fundamentals remain bullish: trading platform reserves continue to decrease, corporate purchases continue to pressure supply, and long-term holders continue to increase their holdings, forming a buffer below the market.
At the same time, the macro picture is showing mixed signals: slowing PCE inflation has eased policy pressure on some of the Federal Reserve, but tariff uncertainty and rising yields have strengthened the risk-averse atmosphere and dampened the market's willingness to grow. Next week's baseline scenario sees bitcoin prices trading sideways between $103,000 and $110,000 until a new driver emerges. If volume intensifies and momentum breaks through 20%, accompanied by a break above $110,000, it is confirmed that the market is ready to test the $115,000-120,000 range. Conversely, if net inflows turn positive and prices fall below $100,000, it could signal a deeper correction.