Bitcoin has surged over 40% in the past two weeks, signaling the start of a new bullish phase for the cryptocurrency. This impressive rally has captured the attention of investors and analysts alike, confirming that the market sentiment has shifted strongly in favor of BTC.
According to CryptoQuant CEO Ki Young Ju, this surge marks the beginning of a broader period of euphoria for BTC.
Ju’s key insights highlight a striking statistic: 99.3% of unspent transaction outputs (UTXOs) are now in profit, indicating widespread optimism across the market. With nearly all BTC holders in the green, it’s clear that sentiment has peaked, and the next few months are expected to be exceptionally bullish.
Ju claims that this period of excitement is just getting started, with more upside potential on the horizon as demand continues to build.
As Bitcoin pushes toward new highs, investors are eagerly watching to see how long this rally will last and whether it can sustain its momentum. With the market in full euphoria mode, all eyes are on BTC as it tests new price levels and prepares for what could be a historic run. The coming months may prove to be pivotal for Bitcoin’s long-term trajectory.
Bitcoin Bull Run Only Starting
Bitcoin’s current bull run began two weeks ago when it pushed above March’s all-time high (ATH) at $73,800, signaling the start of a new euphoric phase for the market. Since then, BTC has surged significantly, and the overall sentiment has shifted sharply in favor of BTC. Analysts predict that this euphoria could last for several months.
CryptoQuant CEO Ki Young Ju shared key insights on X, emphasizing that BTC euphoria is now in full swing. According to Ju, 99.3% of unspent transaction outputs (UTXOs) are profitable, indicating that nearly all BTC holders are in the green.
This widespread positivity is a strong indicator of market euphoria, and when combined with the recent price action, it suggests that a major bullish trend is underway. Based on historical patterns, euphoric phases like this typically last anywhere from 3 to 12 months, although exceptions do occur, such as the November 2021 bull trap.
This current phase, however, is only two weeks old, meaning there is still significant potential for further gains in the coming months. Shorting BTC at this point could be highly risky for traders, as it may either represent catching the top or entering a position at the bottom of a parabolic bull run.
Nothing is certain in the crypto market, but historical data offers valuable insights into how BTC will likely behave in the coming months, with many expecting continued upward momentum.
BTC Testing Supply Levels Below ATH
Bitcoin is trading at $91,800, less than 2% from its all-time high (ATH) of $93,483. Bulls remain in control of price action, maintaining the upward momentum as the market eyes the next key levels.
The immediate goal for buyers is to push above the ATH and test the $95,000 mark, followed by the psychological $100,000 level, a significant milestone that could attract even more demand and solidify BTC’s bullish trajectory.
However, if BTC fails to break above its ATH, it could see a pullback to lower demand levels. The next key support areas would be around $88,000 and possibly $85,000, where buyers might step in to provide the necessary fuel for the next leg up. A dip to these levels could serve as a healthy consolidation phase, allowing Bitcoin to gather momentum before challenging new highs.
The market remains focused on whether BTC can sustain its bullish run and reach these higher price targets or if a correction is needed to reset the trend. Bulls must maintain pressure above the ATH to avoid a potential retrace, while the broader market sentiment favors upward movement in the medium term.
Featured image from Dall-E, chart from TradingView