Bitcoin All-Time High on the Horizon: How Are Traders and Analysts Viewing the Subsequent Price Action?

Original Article Title: "Will Bitcoin Hit a New High This Month? Market Gurus' View on Future Market Trends"

Original Article Author: 1912212.eth, Foresight News

On May 19, Bitcoin briefly surpassed $107,000, just $2,000 away from its all-time high. Ethereum hovered around $2,400, SOL around $170, and various altcoins experienced a short-term surge followed by a retreat. According to Coinglass data, the total 24-hour liquidation in the market reached $577 million, with long liquidations at $351 million and short liquidations at $227 million. Amidst the volatile market, both longs and shorts were liquidated.

The US-China trade war has temporarily ceased, and after hitting a bottom, the altcoin market has seen a rebound. How will the crypto market trend unfold next?

On Polymarket, the market prediction for Bitcoin hitting $110,000 this month has a 52% probability. The latest data shows that the probability of Bitcoin hitting $110,000 this month on Polymarket has soared to 52%, up from 37% on May 17.

This prediction market also forecasts a probability of Bitcoin surpassing $115,000 in May to be 20%, indicating strong bullish sentiment in the market. The total trading volume on this prediction market is currently around $15 million.

Trader James Wynn: Probability of Bitcoin Dropping Below $100,000 Is Low

Trader James Wynn tweeted, saying, "If BTC could drop back below $100,000, that would be a good opportunity for me to add to my position. Unfortunately, I don't think that's likely to happen."

glassnode: Long Positions Are Still Mild, Low Leverage Suggests a Healthy and Sustainable Market

glassnode tweeted that despite the significant increase in BTC price, the perpetual futures funding rate remains at a neutral level of around 0.007%—indicating that long positions are still relatively mild. The derivatives market appears to be catching up with the spot market, and the low leverage implies a healthy and sustainable trend.

Willy Woo: Bitcoin Still Has Room to Grow, Predicts Compound Annual Growth Rate to Stabilize at 8% in 15-20 Years

Famous cryptocurrency analyst Willy Woo posted on social media stating, "Bitcoin has long passed the phase of several-fold annual growth seen in 2017. 2020 was a key year for Bitcoin's 'institutionalization,' with corporations and sovereign entities beginning to hoard Bitcoin. The compound annual growth rate has decreased from over 100% to 30 to 40%. Bitcoin is now being traded as the newest macro asset class in 150 years, and it will continue to absorb global capital until some 'equilibrium point' is reached."

Considering that long-term monetary expansion is around 5% and GDP growth is 3%, I believe Bitcoin's ultimate compound annual growth rate will stabilize at around 8%. It may take another 15 to 20 years before reaching the 'equilibrium point.' There are hardly any other publicly investable assets that can match Bitcoin's long-term performance."

Grayscale Research Director: Bitcoin's Market Dominance May Stabilize Between 60% and 70%, Not Triggering an Altseason

Grayscale's research director, Zach Pandl, stated in an interview with Decrypt that Bitcoin's market dominance may stabilize between 60% and 70%, rather than experiencing a significant decline. "When the market focuses on macroeconomic instability and risks to the U.S. dollar, Bitcoin's dominance may rise, whereas when the market focuses on various applications of blockchain technology and innovations in the crypto space, Bitcoin's dominance may decline."

CryptoQuant Analyst: Current Cycle Sees More Cautious Short Positions, Usually a Bullish Sign

CryptoQuant analyst Axel Adler Jr. stated that compared to the bull market rally in 2021, short traders in the current bull market cycle have been more cautious when establishing short positions. There has only been one significant long liquidation event during the pullback when the Bitcoin price touched the $80,000 level. The analyst pointed out that this shift in sentiment indicates that shorts have become more risk-averse, which is usually considered a bullish sign.

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