Bitcoin price remained near its all-time high after a stellar surge on May 21, with bulls largely in control as the market eyed price discovery.
After hitting highs of $111,861, Bitcoin (BTC) traded to around $110,300 before rebounding higher.
Despite the spike to a fresh peak, with Bitcoin outpacing the Dow Jones Industrial Average as stocks struggled, the market hasnโt witnessed a significant profit taking scenario so far.
What are analysts saying about Bitcoin price?
Notably, all BTC addresses flipped profitable as the cryptocurrency rallied. Yet on-chain data shows the benchmark digital asset is โstill not overheated.โ
CryptoQuant analyst Crypto Dan posited that despite the run to a new ATH, profit taking is so far mild.
โOverheating indicators such as the funding rate [and] short-term capital inflow remain low compared to previous peaks,ย and profit-taking by short-term investors is limited.โ
Alex Wacy, a popular crypto analyst and investor, noted via a post on X that while BTC storms to a new ATH, โthereโs no mania.โ
He pointed to Google searches being low, with retail not yet in fear of missing out territory.
$BTC is hitting a new all-time high.
But look around: thereโs no mania.
Google searches are quiet. Retail is still asleep. CT is loud, but it always is. The broader public isn't rushing in โ not yet.
Itโs a familiar pattern. Hype always lags price. Interest followsโฆ pic.twitter.com/hzd2sXyPpc
— Alฮx Wacy ๐ (@wacy_time1) May 22, 2025
But as Bitcoin quietly edges towards price discovery, something else is at historic levels โ the global M2 money supply. Currently, this sits at over $22 trillion.
โThat means thereโs more money in the system than ever before. But itโs not backed by an equivalent increase in productivity, goods, or services. Itโs justโฆ more money,โ the analyst noted.
No frenzy means itโs still early days for Bitcoin, Wacy said. His forecast aligns with overall market sentiment that Bitcoinโs price could target $150k or higher in 2025. On May 21, 2025, as BTC price broke past its January 2025 peak, Michael Saylor said buying at the top could still be profitable long-term.
The confidence in Bitcoin price going higher could be why a whale just sold recently acquired Ether (ETH) and continues to hodl the BTC.ย
Per Lookonchain, a whale who scooped 30,000 ETH and 600 BTC on April 27, 2025 has sold all 30k ETH. However, the address still holds all 600 $BTC purchased for $56.9 million. The whaleโs Bitcoin haul was worth over $66.5 million as prices hovered above $111k.
