Bitcoin is approaching new highs. How do traders and analysts view the subsequent market trends?

Original title: "Will Bitcoin reach a new high this month? Market experts view the subsequent trend this way"

Original author: 1912212.eth, Foresight News

On May 19, Bitcoin briefly broke through $107,000, just $2,000 away from its all-time high. Ethereum hovered around $2,400, while SOL fluctuated around $170, and various altcoins fell back after a brief surge. According to coinglass data, the total liquidations across the network in 24 hours reached $577 million, with long liquidations at $351 million and short liquidations at $227 million, resulting in liquidations on both sides in a volatile market.

The trade war between China and the United States has temporarily paused, the counterfeit market has rebounded after hitting the bottom, how will the subsequent trends in the cryptocurrency market unfold?

Polymarket's market prediction indicates that the probability of BTC reaching $110,000 this month is 52%. The latest data shows that the market prediction on Polymarket for BTC reaching $110,000 this month has risen to 52%, while this figure was only 37% on May 17.

The prediction market also forecasts that the probability of Bitcoin exceeding $115,000 in May has risen to 20%, indicating strong bullish momentum in the market. Currently, the total trading volume of this prediction market is approximately $15 million.

Trader James Wynn: The probability of Bitcoin falling below $100,000 is low.

Trader James Wynn tweeted that it would be great if BTC could pull back below $100,000, so he could add to his position. Unfortunately, he feels this might not happen.

glassnode: Long positions remain moderate, limited leverage indicates a healthy and sustainable market.

Glassnode tweeted that despite the significant rise in BTC price, the funding rate for perpetual futures remains at around 0.007%, indicating that long positions are still relatively moderate. The derivatives market seems to be catching up with the spot market, and the limited leverage suggests a healthy and sustainable trend.

Willy Woo: Bitcoin still has room for growth, with an expected compound annual growth rate stabilizing at 8% in 15 to 20 years.

Famous cryptocurrency analyst Willy Woo stated in a social media post, "Bitcoin has long passed the stage of several times increase in 2017. The year 2020 was a key year for Bitcoin's 'institutionalization', as companies and sovereign institutions began to accumulate Bitcoin, with the compound annual growth rate dropping from over 100% to 30 to 40%. Bitcoin is now being traded as the latest macro asset in 150 years, and it will continue to absorb global capital until it reaches some kind of 'equilibrium point'."

Considering that the long-term monetary expansion is about 5% and GDP growth is 3%, I believe that Bitcoin's eventual annual compound growth rate will stabilize around 8%. And it may take another 15 to 20 years to reach the "equilibrium point". There are almost no other publicly investable assets that can match Bitcoin's long-term performance.

Grayscale Research Director: Bitcoin's market share may stabilize at 60% to 70%, rather than entering an altcoin season.

Grayscale's research director Zach Pandl stated in an interview with Decrypt that Bitcoin's market share may stabilize in the range of 60% to 70%, rather than experiencing a significant decline. "When the market focuses on macroeconomic instability and the risks associated with the dollar, Bitcoin's dominance may increase, while when the market pays attention to the various applications of blockchain technology and innovations in the crypto space, Bitcoin's dominance may decrease."

CryptoQuant Analyst: Current Cycle Bearish Positioning is More Cautious, Usually a Bullish Signal

CryptoQuant analyst Axel Adler Jr stated that compared to the bull market in 2021, short sellers are more cautious when establishing short positions in the current bull market cycle. There has only been one significant long liquidation during the pullback when the Bitcoin price touched the $80,000 level. The analyst pointed out that this shift in sentiment indicates that bears are becoming more risk-averse, which is often seen as a bullish signal.

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