Bitcoin Nearing “Euphoria Phase” as Bull Run Gains Steam
Bitcoin might be heading into what some analysts call the “euphoria phase”—that point where excitement turns into something a little more frantic. At least, that’s the take from Checkmate, a well-known on-chain analyst who goes by a pseudonym. In a recent chat on the *What Bitcoin Did* podcast, he suggested the current rally could be surprisingly resilient.
The last year or so, he says, was all about shaking off the bear market gloom. Remember 2023? The whole industry was still rattled by the collapse of FTX and fears that Bitcoin might just… fade away. But instead of another slump, the price kept inching up. No dramatic crashes, just steady climbs.
From Recovery to Excitement—What’s Next?
Checkmate expected the euphoria phase to kick in sooner, based on past cycles. But it’s taking its time. Even so, there are signs things are heating up. For one, derivatives trading is hitting record levels—futures and options now make up nearly 6% of Bitcoin’s total market cap. That’s a lot of leverage in play.
And then there’s the kind of questions he’s getting lately. People are asking, *How can I borrow against my Bitcoin to buy even more?* That’s usually a clue that sentiment is shifting from cautious to… let’s say, overly optimistic.
Still, he’s not calling a top just yet. If Bitcoin starts making sharp, stair-step jumps upward, that’s when things could get shaky. Historically, that kind of unsustainable momentum often precedes a pullback.
Where Bitcoin Stands Now
At the time of writing, Bitcoin is hovering around $114,833. Whether it’s on the brink of euphoria or just another step in a longer climb, it’s hard to say. Markets don’t move in perfect patterns, no matter how much we want them to.
One thing worth noting—Checkmate’s view isn’t exactly doom and gloom. He’s just pointing out that when leverage piles up and people start getting creative with their bets, the ride tends to get bumpier.
For now, though, the trend is still up. And if past cycles are any guide, the real test comes when everyone stops asking *if* it’ll keep going and starts assuming it will. That’s usually when the script flips. But we’re not quite there yet. Maybe.
