Market updates
Analysts Predict Bitcoin’s Bull Run to Extend Into Late 2025
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2024-12-09 | 5m
Bitcoin has reached the historic $100,000 milestone on December 6, 2024, marking a significant achievement in cryptocurrency history. This surge comes despite weak performance in global assets like oil, gold, and the S&P 500, which all posted declines in the past month. In contrast, Bitcoin soared by 32%, showcasing its resilience and growing appeal among investors.
Analysts predict the rally will continue through the "euphoria stage," expected to last until late 2025. This stage, identified using the long-term holder net unrealized profit/loss (NUPL) metric, indicates most Bitcoin holders are in profit, a hallmark of market optimism. Quinten François, co-founder of WeRate, suggests a potential cycle peak within 12 months.
Despite global liquidity challenges, Bitcoin’s performance has defied expectations. Analyst James Coutts highlights that if liquidity conditions improve, Bitcoin's rally could sustain further growth. Based on liquidity trends, Raoul Pal, CEO of Global Macro Investor, predicts a potential local top above $110,000 by early 2025. While short-term corrections remain possible, Bitcoin’s robust trajectory points to continued bullish momentum into the coming year.
Source:
Cointelegraph
Futures Market Updates
In the past 24 hours, BTC futures saw a slight increase in open interest (+0.42%) compared to ETH futures, which experienced a small decline (-0.31%). Both markets observed a significant rise in trading volumes, with BTC up 55.40% and ETH slightly higher at 58.78%. Liquidations were dominated by long positions for both BTC ($24.10M long vs. $17.13M short) and ETH ($31.43M long vs. $4.55M short). The long/short ratios indicate slightly more bearish sentiment for ETH (47.58% long) than BTC (48.90% long). BTC's funding rate (0.0229%) was higher than ETH's (0.0165%), reflecting stronger demand for leveraged long positions in BTC futures.
BTC Futures Updates
Total BTC Open Interest: $61.45B (+0.42%)
BTC Volume (24H): $60.30B (+55.40%)
BTC Liquidations (24H): $24.10M (Long)/$17.13M (Short)
Long/Short Ratio: 48.90%/51.10%
Funding Rate: 0.0229%
Ether Futures Updates
Total ETH Open Interest: $27.42B (-0.31%)
ETH Volume (24H): $33.70B (+58.78%)
ETH Liquidations (24H): $31.43M (Long)/$4.55M (Short)
Long/Short Ratio: 47.58%/52.42%
Funding Rate: 0.0165%
Top 3 OI Surges
IDEX: $3.47M (+231.47%)
NS: $719.04K (+93.02%)
NEON: $878.51K (+69.56%)
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