Bitcoin is making headlines again! After hitting a three-month high of $104,916 on May 11th, it’s looking like a potential new all-time high could be on the horizon. Several key indicators are flashing bullish signals, suggesting a continued price increase.
Key Metrics Point to a Bull Run
Bitcoin’s price is getting closer to its previous all-time high of around $109,000—that’s just a 5% climb away! Several important on-chain metrics are showing the same positive trend, similar to what we’ve seen before during periods of rapid price increases. For example, Funding Rates have turned positive, which usually means the price is likely to go up in the short term.
One particularly promising indicator is the Growth Rate Difference. Market expert Kyle Doops from the Crypto Banter Show highlighted this metric’s shift from bearish to bullish territory. This suggests Bitcoin has entered a new bull market phase. Historically, this kind of shift has preceded significant price increases. Doops believes this isn’t just random market noise; it could be a sign of “something big” to come. He’s confident this could lead to a parabolic surge to a new all-time high, as long as nothing major disrupts the current positive momentum (like a sudden shift in investor sentiment).
Retail Investors Still on the Sidelines
Interestingly, while Bitcoin is on the verge of a potential record high, retail investors are still relatively quiet. On-chain analyst Darkfost points out that there’s been little activity from retail investors (those making transactions between $0 and $10,000). Historically, a surge in retail buying often happens near market peaks, so their current absence is notable. This low retail demand was also observed between June and September 2024. Darkfost suggests that, as usual, retail investors will likely jump in late, showing their typical late-to-the-party behavior.