Bitcoin Enters Euphoria Phase, Potential Rally Until Late 2025

According to Odaily, Bitcoin has entered the euphoria phase, as indicated by the Net Unrealized Profit/Loss (NUPL) metric for long-term holders. Quinten François, co-founder of WeRate, mentioned in a post on December 7 that this phase could extend Bitcoin's rally until the end of 2025. He noted, "Bitcoin is entering the euphoria stage. There is a maximum of 12 months before the cycle peak arrives." The NUPL metric assesses whether the Bitcoin network is in a state of profit or loss by measuring the difference between unrealized profits and losses among BTC holders. James Coutts, Chief Cryptocurrency Analyst at Real Vision, recently highlighted another positive sign for Bitcoin's trajectory. Despite global liquidity constraints, Bitcoin has reached new all-time highs. Coutts stated, "In a context of poor liquidity, Bitcoin still reached new highs. If conditions worsen, the rally, while exciting, can only last for a limited time. If conditions ease from now, a Bitcoin pullback is reasonable, but it will rise again afterward." The potential bottoming out of global M2 liquidity, which estimates all cash and short-term bank deposits, also suggests that Bitcoin might continue its upward trend in the short term before a potential pullback.