Bitcoin Price Eyes $100,000 as ETF Demand and Whale Activity Support Rally

Highlights:

• Bitcoin has climbed more than 50% since July, bringing the $100,000 price target back into focus.
• Strong spot Bitcoin ETF inflows and large whale transactions are adding support to the current BTC rally.
• Ali Martinez sees key support near $84,569, while major resistance sits above $100,000 around $104,765.

Bitcoin’s latest rally has put the $100,000 level back in focus as spot ETF demand, large-value transactions and strong on-chain support continue to build around BTC. Crypto analyst Ali Martinez, known as Ali Charts on X, said in a September 22 thread that Bitcoin has climbed more than 50% since falling to $57,749 on July 1. 

He wrote:

“Bitcoin has risen more than 50% since bottoming at $57,749 on July 1. Even after this sharp move, large investors appear to be stepping in rather than taking profits.”

Large Bitcoin Transactions Stay Active During Rally

Martinez pointed to whale activity as one sign that large market participants remain involved. According to data he shared from Santiment Intelligence, the Bitcoin network recorded more than 2,722 transactions worth over $1 million each in a single day.

Large transfers do not always mean investors are buying, since funds can also move between exchanges, wallets and institutions. However, the high number shows that major holders remain active during Bitcoin’s latest rally. 

Spot Bitcoin ETF demand has also strengthened. Citing CoinGlass data, Martinez said U.S. spot Bitcoin ETFs accumulated more than $1.60 billion worth of BTC over the previous 72 hours. ETF inflows can add buying pressure as more investor capital enters Bitcoin-focused funds. Strong inflows during a rally can support momentum, although daily flows can change quickly.

3/6 ETF demand is reinforcing that momentum.

US spot Bitcoin ETFs have accumulated more than $1.60 billion worth of $BTC over the past 72 hours, adding significant buying pressure. pic.twitter.com/JXL3uv5w8c

— Ali Charts (@alicharts) September 22, 2026

Bitcoin Price Holds Key Support Above $84,569

On-chain price levels also support Martinez’s outlook. He said Bitcoin is sitting above an important support zone near $84,569, where almost 600,000 BTC previously changed hands. Another major demand area sits around $77,000. These zones can become important during market pullbacks because a large amount of Bitcoin was previously traded around those prices.

Above the current range, Martinez sees the next major URPD resistance near $104,765, where roughly 283,000 BTC previously traded. URPD, or UTXO Realized Price Distribution, tracks the prices where existing Bitcoin supply last moved on-chain. Traders use the metric to identify areas that could act as support or resistance.

At the time of writing, Bitcoin was trading near $86,918, up about 1.4% over the past 24 hours. BTC remains roughly 31.2% below its $126,198 all-time high, reached on October 6.

BTC’s $100,000 Target Comes Back Into Focus

Martinez also pointed to Glassnode’s MVRV Pricing Bands. The indicator shows a key level near $100,670, which could act as resistance if Bitcoin keeps moving higher. MVRV compares Bitcoin’s market value with the average price at which coins last moved. Traders often use it to spot areas where buying or selling pressure may increase.

On the downside, the model shows support near $74,361. Martinez also identified $84,569 as a closer support level, while another demand zone sits around $77,000. If Bitcoin continues higher, the $100,670 to $104,765 area could become the next major test. Martinez believes strong demand could keep $100,000 in focus, though the level is still only a price target and not a guaranteed move.