Yunus Taşlı 
Bitcoin has achieved a monumental milestone in its history by surpassing the $100,000 mark for the first time on December 6. This historic breakthrough comes amidst weakening performance in other major global assets. Over the past month, Bitcoin’s price has surged by an impressive 32%, while oil dropped by 6.3%, the S&P 500 by 1%, and gold by 1%.
Bitcoin Enters the “Euphoria Phase,” Expected to Rise Through 2025
Bitcoin’s dominance against global assets has fueled analysts’ predictions of a prolonged bull market lasting until late 2025, a period often referred to as the “euphoria phase” among cryptocurrency traders.
Quinten François, co-founder of WeRate, highlighted Bitcoin’s entry into this phase based on the Net Unrealized Profit/Loss (NUPL) metric. In a December 7 post, he stated:
“Bitcoin is entering the euphoria phase. You have a maximum of 12 months before we hit the cycle peak.”
The NUPL metric reflects whether the Bitcoin network is in overall profit or loss by analyzing the difference between unrealized profits and unrealized losses held by Bitcoin investors.
Bitcoin Defies Liquidity Constraints
Bitcoin’s new all-time high (ATH) is particularly significant given the challenges posed by global liquidity conditions. James Coutts, lead analyst at Real Vision, remarked on December 6:
“Bitcoin reached a new ATH despite a deteriorating liquidity environment. If conditions worsen, this rise could be limited to the euphoria phase. Conversely, if liquidity improves, we might see a pullback followed by further upward momentum.”
The global M2 liquidity index, which measures cash and short-term bank deposits, suggests a potential bottom, indicating that Bitcoin might continue its upward trajectory in the short term, followed by a possible correction.
Bitcoin Targeting $110,000 by January 2025
Raoul Pal, CEO and founder of Global Macro Investor, projects Bitcoin could climb above $110,000 by January 2025, citing its strong correlation with liquidity trends.
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