Leo Mizuhara, founder of Hashnote, sees $80,000 by the end of the month as realistic, attributing this momentum to an influx of FOMO (fear of missing out) players, especially with the rise of ETFs that expand retail engagement.

Unlike previous derivatives-fueled rallies, this one appears to be driven more by the spot price, suggesting a healthier market with lower leverage, according to Luke Nolan of CoinShares. The annual funding rate for Bitcoin futures on Binance, a measure of market leverage, has fallen from the highs seen during Tuesday's rally, indicating a more sustainable uptrend.

SEC postpones decision on bitcoin ETFs amid BlackRock options approval request

However, high speculation and leverage remain a concern, with recent liquidations across financial derivatives markets underscoring the risks. Zuhair Ebtekar, founder of Split Capital, warns of increased volatility as speculative capital flows in, even as record inflows into newly launched Bitcoin ETFs continue to boost sentiment.