Bitcoin rose to a 27-month high above $64,000 a few hours ago, but crashed to a low of $58,330 before rallying again in the last few moments of trading on Thursday.

The data shows that over the past 24 hours, a total of $700 million in derivatives positions were liquidated, with shorts seeing losses of $367.7 million while longs gave up $333.04 million.

While the crypto bull market shows no signs of slowing down, stocks have struggled to regain recent momentum as investors await today’s personal consumption expenditures report for a better picture of the state of inflation, which will provide insight into the Federal Reserve’s next move on interest rates.

Data provided by Investing Saudi Arabia shows that after trading near support at $57,000 in the early hours of Wednesday, Bitcoin surged above $59,000 over a two-hour period, held for about three hours, and then resumed its upward trend. It then saw a sharp rise followed by a sudden crash – lasting up to seven hours – with signs of stabilization near $62,000 at the time of writing.

Bitcoin to $100k?

With Bitcoin outperforming even the most bullish crypto investors, analysts are now looking to update their 2024 forecasts, as Bitcoin looks poised to hit a new all-time high ahead of the upcoming ranking event in April.

“Our analysis expects a price target of $100,000-$120,000 by Q4 2024, and the peak of the cycle will be achieved sometime in 2025 in terms of total crypto market cap,” analysts at Bitfinex said. “ETFs have introduced passive demand, meaning that demand comes from investors who are largely price agnostic. They view Bitcoin as a store of value rather than a volatile, tradable asset, which was the case for several years before the introduction of ETFs.”

The fact that we now have ETFs could mean that any decline after the current cycle peak could be less severe than previous downturns, Bitfinex analysts stressed.

While some analysts who are not familiar with the crypto bull markets have warned that Wednesday’s price action could represent the top of this cycle.

As for the mania that typically follows a bull rally, there are signs that this bull market could be behaving in a way that no analyst can yet understand, as the fear of missing out (FOMO) that typically occurs during bull cycles is amplified.

Data provided by Dune Analytics shows that all ETFs combined, including GBTC, now hold 746,571 Bitcoin worth roughly $46 billion at the time of writing, with Bitcoin trading around the $62,000 level.

While data from VettaFi shows that the 19 U.S.-listed gold ETFs have $92.1 billion in assets under management, Bitcoin funds now hold nearly as much value as gold ETFs after just 32 days of trading.

The total cryptocurrency market cap is now $2.26 trillion, with Bitcoin dominance at 53.2%. Trading volumes have reached around $121.90 billion in the last 24 hours.

Meanwhile, Bitcoin is up 8.4% in the last 24 hours to $62,720, while Ethereum is up 5.6% to $3,472.

Shiba Inu rose to $0.00001400, up 22% in the last 24 hours, while Dogecoin rose by 33% to $0.128369.

Solana also jumped about 15% to $125. Binance Coin rose 4% to $415.