Bitcoin (BTC) is on the verge of entering ‘the euphoria phase,’ according to a popular on-chain analyst.
The pseudonymous analyst known as Checkmate says in a new interview on the What Bitcoin Did podcast that a few dynamics are starting to materialize that indicate the current BTC bull run could be “bulletproof.”
Says Checkmate,
“We’ve got the bear market recovery, where there’s a lot of PTSD. This is really 2023. Everyone was like fearing the ghost of Sam Bankman-Fried was going to come back, and we’re going back to zero. But we just never got that lower high, and it just kept drifting higher. Then we got the excitement phase, you start getting up towards the all-time high. I thought that we would’ve moved into the euphoria phase already, because in past cycles we have, but I think we’re getting there. Look at the treasury company trend. Derivatives leverage is pretty much at an all-time high. We’re closing on like 5.8% of the Bitcoin market cap for futures and options. So it’s getting leverage. As I said, I’ve had people call me saying, ‘How do I lever up my Bitcoin to buy more Bitcoin?’”
Checkmate notes that leaving a stair-stepping pattern and gaining “serious momentum to the upside” will make the chart unsustainable and start bringing BTC “closer to a meaningful top.”
Bitcoin is trading at $114,833 at time of writing.
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