The crypto markets are preparing for significant price changes, with Bitcoin, holding over 60% dominance, in the spotlight as it gears up for the next bullish move after consolidating around $93,500.
Current Bitcoin Consolidation
After reaching a price close to $93,500, Bitcoin remains within a tight range, above the gained levels, suggesting that the bulls continue to vigilantly control the rally. This may trigger a fresh bullish wave soon.
UTXO Data and Its Implications
According to Cryptoquant data, 99.3% of UTXO are now in profit. UTXO (unspent transaction output) represents leftover crypto after a transaction. Cryptoquant's CEO, Ki Young Ju, noted that this phase began two weeks ago, indicating a potential start of a parabolic bull run.
Market Capitalization Forecasts
The global market capitalization reached a new all-time high of $3.09 trillion, with expectations for an increase to $4 trillion. According to analyst Michael van de Poppe, the peak market cap in the upcoming bull run could be between $10 trillion and $15 trillion, potentially leading to Bitcoin prices of $150K-180K by 2025.
The crypto markets are on the brink of substantial changes, with the potential for significant price growth. Bitcoin, as the leading token, could play a crucial role in this process.
