Bitcoin Still Has Room to Run Despite Fears of a Top, Says Crypto Veteran

As Bitcoin flirts with all-time highs, panic about a looming peak is spreading faster than a meme coin pump-and-dump. But one industry stalwart isn’t hitting the sell button—yet.

‘This isn’t 2021 all over again,’ insists the analyst, pointing to institutional inflows and ETF approvals as fresh fuel. Retail FOMO? Still lukewarm by historical standards.

Of course, Wall Street’s late arrival to the crypto party—as usual—means they’ll probably buy high and panic sell at the first 20% dip. Some things never change.

Bitcoin bulls appear to be wide awake and active this week, successfully launching the leading cryptocurrency to a new all-time high of $111,970.

Despite Bitcoin’s impressive performance, a market analyst asserts that the bull cycle is still ongoing and that the asset is far from being “overheated.”

Dan Crypto, a popular cryptocurrency analyst with over 600,000 followers on X, shared his outlook on the state of the Bitcoin market. According to the analyst, the funding rate, a key indicator designed to display market overheating, shows that although long bets have increased, it is incomparable to previous market tops.

“By examining the proportion of bitcoins traded within 1 week to 1 month, we can assess short-term capital inflow and determine market overheating. Although Bitcoin’s price has reached an all-time high, short-term capital inflow is not as rapid as during past peaks.” He wrote in a post shared on CryptoQuant.

He further observed that a handful of short-term holders have accumulated gains since the recent spike in Bitcoin’s price. Notably, a large profit-taking and prolonged correction season was followed in 2024. However, profit-taking at this time is significantly below levels seen in November 2024, the analyst remarked, adding that whale profit-taking is still very limited, despite bitcoin successfully reaching a new all-time high. 

On another note, Bitcoin holdings in the spot ETF market have hit a new all-time high, per the analysts’ assertion. 

“The increased holdings by retail and institutional investors, especially in the US, significantly support the overall market uptrend.” He wrote.

At report time, Bitcoin was down 0.23% from the last hour and was trading at a price of $108,994. At press time, 7-day gains were 5.1%, affirming that the bulls still had the upper hand.