Bitcoin bulls seem to be wide awake and active this week, as seen by the fact that they were able to successfully launch the leading cryptocurrency to a new all-time high of $111 for the cryptocurrency.

An expert in the market believes that the bull cycle is still continuing strong and that Bitcoin is not even close to being “overheated,” despite the fact that the cryptocurrency has had an amazing performance.

Dan Crypto, who is considered to be one of the most well-known cryptocurrency experts and who has more than 600,000 followers on X, recently shared his opinions on the present state of the Bitcoin market. According to the analyst, the financing rate, which is a crucial indication aimed to reflect market overheating, demonstrates that even if long bets have grown, it is incomparable to prior market peaks. This is the conclusion being drawn from the analysis.

“By analysing the percentage of bitcoins that are exchanged over a span of one week to one month, we are able to evaluate the influx of short-term money and identify instances of market overheating. Despite the fact that the price of Bitcoin has hit an all-time high, the influx of short-term money is not as quick as it was at previous summits. He said this in a piece that was published on CryptoQuant.

Furthermore, he made the observation that because of the current surge in the price of Bitcoin, a small number of short-term investors have been able to accrue profits. Noteworthy is the fact that a significant profit-taking and a protracted correction season followed in the year 2024. While profit-taking at this moment is far below levels observed in November 2024, the analyst highlighted that whale profit-taking is still relatively restricted, despite Bitcoin successfully achieving a new all-time high. This is despite the fact that Bitcoin has successfully reached a new historic high. 

The experts have said that the amount of Bitcoin that is held in the spot ETF market has reached a new all-time high. This is another point of interest. 

“The overall market uptrend is significantly supported by the increased holdings by retail and institutional investors, particularly in the United States.” And he wrote.

As of the time of this report, the price of Bitcoin was reported to be $108,994, representing a decrease of 0.23% from the previous hour. At the time of publication, the seven-day gains were 5.1%, which confirmed that the bulls continued to have the upper hand.