PANews reported on December 8 that according to Cointelegraph, despite the weak performance of other major global assets, Bitcoin still hit a record high. In the past month, Bitcoin prices have soared 32%, while oil prices have fallen 6.3%, the S&P 500 has fallen 1%, and gold has fallen 1%. Bitcoin's rise relative to other global assets is a good sign for Bitcoin investors, reinforcing analysts' expectations that the current bull market will continue until the end of 2025 - what cryptocurrency traders call the "excitement phase" in slang.
Bitcoin has entered a phase of excitement, according to the long-term holder net unrealized profit and loss (NUPL) metric. WeRate co-founder Quinten François said this could extend Bitcoin's rally until the end of 2025. NUPL is used to measure whether the Bitcoin network as a whole is in a profitable or loss-making state, and its measurement is the difference between the unrealized profit and unrealized loss of BTC holders. Raoul Pal, founder and CEO of Global Macro Investor, said that based on the correlation with the liquidity index, Bitcoin will reach a "local top" above $110,000 by January 2025.
