cryptojournalist
On Dec. 6, Bitcoin finally broke through $100,000—a huge moment for crypto. What makes it even more impressive? While Bitcoin soared 32% last month, assets like oil, gold, and the S&P 500 all slid.
What’s Driving This Rally?
Bitcoin seems to be in the “euphoria stage,” a term traders use to describe the point when long-term holders see big gains. According to Quinten François of WeRate, this phase could last until late 2025, though the peak might hit within the next 12 months.
A key metric supporting this idea is the net unrealized profit/loss (NUPL), which shows whether Bitcoin holders are in profit or loss overall.
Can Bitcoin Keep Climbing?
Even with global financial conditions tightening, Bitcoin is thriving. Jamie Coutts from Real Vision pointed out that Bitcoin hit a record high even as global liquidity* dries up. If money supply loosens, the rally could push higher; if it doesn’t, we might see a pullback.
Raoul Pal, a crypto expert, thinks Bitcoin could climb to $110,000 by January 2025 before seeing a dip.
*Global liquidity: A measure of the total money circulating in the economy, including cash and short-term deposits.
