Yigit Taha OZTURK 
Bitcoin reached the historic $100,000 milestone despite sluggish momentum in major global assets and a backdrop of declining global liquidity.
Bitcoin surpassed $100,000 for the first time on December 6, marking a long-awaited milestone in crypto history. This historic peak occurred despite weak performance across other major assets. Over the past month, Bitcoin surged by 32%, while oil dropped 6.3%, the S&P 500 fell 1%, and gold declined 1%.
Bitcoin’s rally against other global assets signals promising prospects for Bitcoin investors, strengthening analysts’ expectations that the current bull market will continue until the end of 2025 — known in crypto trader slang as the “euphoria stage.”
Bitcoin to Continue Rallying Until 2025 in “Euphoria Stage”
Bitcoin has entered the euphoria stage based on the long-term holder net unrealized profit/loss (NUPL) metric. This could extend Bitcoin’s rally until the end of 2025, according to Quinten François, co-founder of WeRate, who posted on December 7:
“Bitcoin is entering the euphoria stage. You have a maximum of 12 months before the cycle top.”
The NUPL metric is used to measure whether the overall Bitcoin network is in profit or loss, based on the difference between unrealized profit and unrealized loss among BTC holders.
Bitcoin’s Surge Amid Liquidity Issues
Bitcoin reaching its all-time high is significant, especially considering the global liquidity backdrop. James Coutts, chief crypto analyst at Real Vision, stated in a December 6 post:
“Bitcoin has hit new ATHs in the face of a deteriorating liquidity backdrop. If conditions worsen, the rally, while euphoric, can only last for a limited time. If conditions ease from here, then a pullback is warranted, but then off we go again.”
A potential bottom in global M2 liquidity (a measure of cash and short-term bank deposits) suggests that Bitcoin could extend its rally in the short term before a potential correction.
Bitcoin Expected to Surpass $110,000 by January 2025
Raoul Pal, founder and CEO of Global Macro Investor, predicts that based on Bitcoin’s correlation with the liquidity index, the cryptocurrency could reach a “local top” above $110,000 by January 2025.
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