Bitcoin’s astonishing rebound has fuelled hopes for a new imminent ATH. The crypto market reverberated with joy after the dominant crypto asset hit the coveted $1.01 trillion market cap. The spot ETF approval has been the major catalyst in pushing the token to the bullish path, hitting $50,000, a new high in 2 years. Amidst the market optimism, BTC proponents have dug up an old Satoshi Nakamoto post that predicted that in 20 years, “There will either be very large transaction volume or no volume.”
For the first time since Bitcoin, we have come a long way. 14 years ago today, Satoshi Nakamoto said, There would either be a very large transaction volume or no volume. Today, Bitcoin crossed a $1.01 trillion market cap.
As BTC charts new highs, there have also been calls for a new target to be set. Given that the crypto asset surge of 20% reflects past trends, there is a strong possibility of further gains, potentially reaching $60k.
BTC has had a great run of +20% in 18 days. What happens next? This type of rally has happened 440+ times in the past 9 years. -> continued up 88% of the time -> typical gain +20% => $60k -> only 6-12% downside historically. With minimal downside historically seen, the prospect of a new ATH within 30 days seems quite plausible.
After a flurry of outflows led by GBTC, the digital asset swayed between $43k and $48k, sparking sell pressure. But after a month, net flows have stabilized as institutions have pumped in more funds. BTC continues to attract institutional investors’ interest, as indicated by the gradual surge in open interest in BTC perpetual futures since last week.
Bitcoin OI Surge
Data obtained from prominent market researcher Kaiko showed that BTC OI based on USD valuation outperformed $11 billion for the first time since December 2021. A rise in OI suggests a rise in speculative interest.
Before reaching the $1 trillion market cap milestone, the top crypto became the tenth-largest asset in the world. Given its recent resurgence, Bitcoin won’t be long before it surpasses traditional assets like silver or tech giants like Google.