Bitcoin Soars to New Heights: Bulls Charge On as Market Seeks Price Discovery

Bitcoin's price is riding high, staying close to its all-time peak after a mind-blowing surge on May 21. The bulls are in the driver's seat, pushing the market towards new price territories!

After touching the sky at $111,861, Bitcoin (BTC) dipped to around $110,300 but then bounced back like a champ.

Even with this rocket ride to a fresh peak, Bitcoin's leaving the Dow Jones Industrial Average in the dust while stocks struggle. But here's the kicker: we haven't seen any major profit-taking yet!

What are analysts saying about Bitcoin price?

Get this: every single BTC address is now in the green as the crypto rallies. But hold up, on-chain data says the king of digital assets is "still not overheated."

CryptoQuant's own Crypto Dan says that even with the run to a new all-time high, profit-taking has been pretty tame.

"Overheating signals like the funding rate and short-term cash flow are low compared to past highs, and short-term investors aren't cashing out big time."

Alex Wacy, the crypto guru and investor, dropped a hot take on X: while BTC storms to a new peak, "there's no mania."

He's pointing out that Google searches are chilling, and retail investors aren't in full FOMO mode yet.

"$BTC is hitting a new all-time high. But look around: there's no mania. Google searches are quiet. Retail is still asleep. CT is loud, but it always is. The broader public isn't rushing in — not yet. It's a familiar pattern. Hype always lags price. Interest follows..."

While Bitcoin quietly inches towards uncharted territory, something else is at historic levels – the global M2 money supply. Right now, it's over $22 trillion.

"That means there's more cash floating around than ever before. But it's not backed by more productivity, goods, or services. It's just... more money," Wacy pointed out.

With no frenzy in sight, it's still early days for Bitcoin, Wacy says. His outlook vibes with the overall market sentiment that Bitcoin could hit $150k or more in 2025. On May 21, 2025, as BTC smashed past its January peak, Michael Saylor said buying at the top could still pay off big time in the long run.

The confidence that Bitcoin's headed higher might explain why a whale just dumped their freshly bought Ether (ETH) but is still hodling their BTC.

According to Lookonchain, a whale who grabbed 30,000 ETH and 600 BTC on April 27, 2025, sold off all their ETH. But they're still clutching all 600 $BTC, bought for $56.9 million. As prices hovered above $111k, that BTC stash was worth over $66.5 million.