The crypto markets are gearing up for major price action as the star token Bitcoin, with over 60% of dominance, is preparing for the next bullish move. After rising close to $93,500, the price is closely consolidating within a narrow range but above the gained levels. This indicates the bulls remain vigilant over the rally and hence may initiate a fresh bullish wave soon.
Regardless of the growing strength of the rally, the star token is still primed for an extended bullish action. The data from Cryptoquant suggests the BTC price is about to enter a euphoric phase, which may last from 3 to 12 months ahead, indicating that the price may find its new highs probably much above $100K.
The CEO of Cryptoquant, Ki Young Ju, shared the UTXOs bands, which indicates more than 99.3% of them are now in profit. UTXO stands for unspent transaction output, which is the amount of crypto left over after a transaction. A UTXO is in profit if the current price is higher than the price at the time it was created. He further says that the phase began 2 weeks ago and hence suggests shorting at this time could either catch the top or shorting at the bottom of a parabolic bull run.
The global market capitalisation has just printed a new ATH at $3.09 trillion and it appears to be just the beginning. The levels are expected to consolidate for a while at the moment, which is believed to trigger a fresh run towards $4 trillion. However, as per a popular market analyst, Michael van de Poppe, the peak for the market capitalisation in the upcoming bull run could be somewhere between $10 trillion and $15 trillion. In such a case, the Bitcoin (BTC) price may find it’s highs much above $150K to $180K somewhere in 2025.
