Bitcoin News Today: Bitcoin Demand Surges 71% in 30 Days, No Peak Signal Yet

CryptoQuant analyst Axel Adler Jr. recently highlighted that the "Peak Signal," which typically appears at major market tops, has not been observed in the current market. This absence suggests that Bitcoin has not yet reached its peak, indicating potential for further growth. The analyst's observations are based on the current market conditions, which do not show signs of overheating.

The spot price of Bitcoin is currently higher than the price of perpetual futures, a key market signal that suggests ongoing demand for Bitcoin. This discrepancy implies that the market could continue to rally if new demand enters, further supporting the idea that Bitcoin may still have room to grow.

Data from CryptoQuant reveals that wallets now hold 250,000 BTC, the highest level recorded in 2024. This increase in holdings, combined with a 71% jump in 30-day demand, indicates a strong interest in Bitcoin. The 30-day demand has risen from 148,000 BTC in late June, further supporting the notion that the market is not yet at its peak.

Analysts' optimistic forecasts suggest that Bitcoin could reach $130,000 before the end of July. However, it is important to note that these are forecasts and not guaranteed outcomes. The actual price of Bitcoin will depend on various factors, including market demand and supply dynamics.

The current rally in Bitcoin has been driven by a combination of factors, including increased demand and a lack of significant selling pressure. The elevated leverage ratio in the market raises volatility risks, but the overall sentiment remains positive. Traders and analysts have acknowledged that the M2 money supply can continue rising even after Bitcoin sees a bull market blow-off top, further supporting the idea that the current rally still has room to run.

In summary, the current market conditions suggest that Bitcoin may still have room to grow. The spot price of Bitcoin being higher than the price of perpetual futures, along with the increased demand and holdings, indicates a strong interest in the cryptocurrency. However, it is important to remember that market conditions can change rapidly, and investors should always conduct their own research before making any investment decisions.