After reaching $100,000, the 'crazy stage' should start Analyst: Bull Market will continue until the end of 2025

Despite the lack of price momentum in most major global assets and the global decline in liquidity, the price of BTC still surged above $100,000 on December 6th, creating a historic milestone that the cryptocurrency industry has been waiting for. This has also led analysts to continue to be bullish on BTC, believing that the bull market will continue until the end of 2025.

Just as the BTC price reached a historic high, other major global assets performed weakly. In the past month, the BTC price surged by 32%, but during the same period, the price of oil fell 6.3%, the S&P 500 index fell 1%, and the price of gold fell 1%.

Compared to the decline of other global assets, BTC has risen against the trend, which is a promising signal for BTC investors, reinforcing analysts' expectations that the current long positions will continue until the end of 2025, also known as the "euphoria stage" mentioned by cryptocurrency traders.

Based on the unrealized net profit and loss (NUPL) indicator of long-term holders, BTC has entered a phase of skyrocketing.

According to Quinten François, co-founder of WeRate, in a post on social platform X on December 7th, this could extend the Bull Market of BTC until the end of 2025, 'BTC is entering a frenzy stage. There are still up to 12 months before this cycle reaches its peak.'

NUPL Unrealized Profit/Loss indicator is used to measure whether the entire BTC network is in a profitable or loss state, mainly calculated based on the difference between BTCholder's book profit and loss.

According to James Coutts, Chief encryption Analyst at Real Vision, in an article on the 6th, another bright sign for the outlook of Bitcoin is that despite the global Liquidity downturn, BTC still hits a historical high. "While Liquidity is deteriorating, Bitcoin is hitting new highs. If the situation worsens, although the rally is exciting, it can only last for a limited time. If the situation eases from now on, a pullback is reasonable, but then we will rise again."

Global M2 Liquidity (estimated total amount of cash and short-term bank deposits) may have bottomed out, also indicating that BTC may continue to rise in the short term before a possible pullback.

Raoul Pal, founder and CEO of Global Macro Investor, said that based on the correlation of this Liquidity index, BTC will reach a "local top" of over $110,000 before January 2025.

This article was first published in "Block Times": the "crazy phase" will not start until BTC reaches $100,000, and the bull market will continue until the end of 2025, according to analysts.