Bitcoin recently broke through its previous all-time high of $73,800, setting a new high of $75,000. Currently, BTC is hovering around $74,926, with no signs of a pullback. The crypto community has a question: has it ended, or will it climb further? Let's dive deeper and see what market experts are discussing.
Rising interest indicates strong trading activity
One thing is clear: Bitcoin trading volume has exceeded expectations. The open interest (OI) for all outstanding Bitcoin contracts has just reached $45.41 billion, setting a new record. Since November 5, this index has surged over 13%, indicating a large influx of new interest. So what does this mean? This growth suggests that traders are not just closing positions; they are also opening more. In fact, if Bitcoin continues to rise, approximately $1.26 billion in short positions could be wiped out. If this occurs, we might see more buyers flood in, pushing prices higher.
Analysts are optimistic about Bitcoin's new highs
Most experts believe that the Bitcoin rally is not over yet and that there is more to come. Famous trader Peter Brandt has stated that he believes we are in the mid-stage of a bull market, and by the summer of 2025, Bitcoin's price could peak between $130,000 and $150,000. If he is correct, then $75,000 may just be one step along the way.
Supporting this view is the Market Value to Realized Value (MVRV) ratio of Bitcoin. This tool helps analysts determine whether Bitcoin is overvalued. Currently, the MVRV is 2.16, down from 2.87 in March. This suggests that BTC may still have room to rise before reaching an overbought point and needing correction.
What's next?
So, what does all of this mean for the future of Bitcoin? With strong trading activity, a lot of optimism, and support from well-known analysts, many believe that the rally could continue. Of course, Bitcoin is known for its dramatic price volatility, so nothing is certain. However, if this bull market continues, we may have just witnessed the beginning of Bitcoin's next major surge.#山寨季将至？