Bitcoin has experienced a record-breaking bullish breakout, shattering all-time highs almost daily over the past three weeks. After an impressive rally, the price is less than 2% away from the $100,000 mark—a critical psychological level that could become a turning point for the entire crypto market. Investors and analysts alike are closely watching this milestone, as breaking it may fuel a new wave of market momentum and broader adoption.

On-chain data shared by CryptoQuant CEO Ki Young Ju suggests that Bitcoin’s current rally may still have room to grow. Ju highlights that the market appears too early to call a bubble, as the overall market cap has not risen significantly compared to cumulative on-chain capital inflows. This metric indicates that the price action is supported by real demand rather than speculative hype, reinforcing confidence in Bitcoin’s sustained bullish trajectory.

With Bitcoin leading the charge, its approach to $100,000 could set the tone for the rest of the crypto market. Whether it breaks through or faces resistance, the outcome will likely influence market sentiment, offering a glimpse into what lies ahead for the world’s largest cryptocurrency and the digital asset space as a whole.

Bitcoin Metrics Set High Expectations

Bitcoin has been setting record highs, yet it “struggles” to break the critical $100,000 barrier. Despite this, the overall market sentiment remains bullish, with analysts predicting that the price could continue to rise. CryptoQuant CEO Ki Young Ju has shared valuable insights on X, revealing that the Bitcoin cycle top could potentially exceed $141,000.

According to Ju’s analysis, the current market dynamics suggest that BTC is still in the early stages of its bull market, making it premature to call the rally a bubble. A key piece of data Ju highlights is the realized cap, which has been increasing steadily every day. The realized cap, calculated by summing the value of all BTC at the price at which they were last moved on-chain, serves as an indicator of the total capital inflows into the BTC market.