Is Bitcoin Entering the Euphoria Phase? On-Chain Clues Point to a ‘Bulletproof’ Bull Market
Could we be standing at the edge of Bitcoin's most explosive chapter yet?
According to pseudonymous on-chain analyst Checkmate, the signals are starting to flash — and they’re getting brighter by the day. Appearing on the What Bitcoin Did podcast, Checkmate shared some eyebrow-raising insights into where BTC may be headed… and if he’s right, the next phase could be nothing short of euphoric.
> “We’ve got the bear market recovery, where there’s a lot of PTSD... Everyone feared Sam Bankman-Fried’s ghost would drag us to zero again. But that never came,” Checkmate said.
Instead, the market just kept grinding upward, never revisiting those devastating lows. 2023 was hesitant. 2024 was hopeful. And now? We might be entering euphoria.
He’s watching several key indicators — and they’re heating up:
Treasury company accumulation is booming.
Derivatives leverage is approaching record highs — 5.8% of BTC’s total market cap is now tied up in futures and options.
And most interestingly? “I’ve had people literally call me saying, ‘How do I lever up my Bitcoin to buy more Bitcoin?’”
That kind of behavior screams one thing: rising mania.
So, where do we go from here?
Checkmate cautions that while this stair-stepping climb has been healthy, we may soon see a breakout so strong, it pushes us toward what he calls a “meaningful top.” That’s when things could start looking unsustainable — the same way they did in 2013... and again in 2021.
As of now, Bitcoin is trading around $114,833 — just a breath away from its all-time high of $123,100.
So the big question is...
Are we truly on the cusp of crypto euphoria? Or is this just the calm before a bigger storm?
One thing’s for sure: the next few weeks could define the rest of the cycle.
Stay curious. Stay alert.
And maybe — just maybe — buckle up.
Disclaimer: Always do your own research before diving into the crypto market.