Bitcoin has shattered all-time highs again, setting a new peak at $107,800 and further solidifying its dominance in the market. This milestone reflects robust demand and growing adoption, with analysts widely optimistic about Bitcoin’s ability to sustain its upward momentum.
CryptoQuant analyst Axle Adler recently shared compelling data highlighting the intensity of the current demand surge. Adler’s analysis reveals that demand from new investors has already surpassed the levels seen in March, when BTC was trading near $70,000, by an impressive 4%.
This sharp increase underscores the aggressive rise in demand over the past month as more market participants rush to accumulate BTC amidst its historic price run.
With analysts closely monitoring these dynamics, expectations remain high that Bitcoin’s bullish trend could extend significantly in the coming weeks. As BTC pushes deeper into uncharted territory, the stage is set for a period of explosive growth and market excitement.
Bitcoin Still Away From Past Demand Peaks
Bitcoin has experienced an extraordinary surge in demand, pushing the price to new all-time highs and into uncharted territory. However, while the demand for BTC has been substantial, it is still far from the levels seen during past cycles, which could signal much more room for growth. As the market heats up, analysts are closely tracking the rise in demand, which has been a key driver of Bitcoin’s current price surge.
Top analyst Axel Adler recently shared key insights from CryptoQuant, revealing that the current demand from new investors has already exceeded the demand at the $70K level in March by 4%. This is a strong indicator that BTC is continuing to attract new market participants at an accelerated rate.
However, Adler’s analysis also highlights that previous cycles saw much higher demand peaks—205% and 133%, respectively—while today’s demand level is still at a relatively modest 70%. This suggests we are still in the early stages of this demand-driven rally, with significant potential for further upside as investor interest grows.
The next few weeks will be critical for BTC. As demand continues to rise, the market also sees little to no increase in selling pressure, which bodes well for the continued upward trajectory of Bitcoin’s price.
If the demand keeps increasing and selling pressure remains subdued, BTC could experience explosive growth, potentially reaching much higher levels as the cycle progresses. With demand rising but far from past peaks, the stage is set for even greater price moves in the coming months.
BTC Enters Price Discovery (Again)
Bitcoin is currently trading at $107,200 and shows strong momentum, with many analysts expecting it to reach $110K before 2025. The price action remains incredibly bullish, with no apparent signs of a cool-off or even a minor retrace.
Bitcoin has been consistently pushing higher, breaking through key resistance levels, and continuing to display strength in the market. Given the current market dynamics, it seems poised to challenge its all-time high and continue rising soon.
However, there is a critical level to watch for potential weakness: the $103,500 mark. If Bitcoin loses this level, it could trigger a consolidation phase, as this price point served as a significant resistance area during its previous attempt to break above $100K. Losing support at this level could signal a pause or minor correction before Bitcoin resumes its upward trajectory.
Bitcoin remains bullish, with strong buying momentum pushing the price higher. If it holds above key support levels and maintains this trend, the next target of $110K may be within reach. As always, the $103,500 mark should be closely monitored for signs of a potential shift in the market sentiment.
Featured image from Dall-E, chart from TradingView