Bitcoin Price Just Hit $108K — Analyst Says the Real Surge Is Ahead

Bitcoin’s price has surged to $108,789, edging closer to its all-time high and signaling renewed market strength. The digital asset has climbed steadily through May, gaining investor attention with its latest upward move.

It started the month at around $94,146 before rallying to nearly $111,970 by May 22. After a short correction of 3.9 percent, the price rebounded quickly, climbing more than 1.5 percent the next day.

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Analyst Sees No Immediate Top Despite Rally

According to analyst and entrepreneur Lark Davis, the current rally shows no apparent signs of ending. In a recent post on X, he pointed to market data that suggests the real surge could still lie ahead.

He brought up Net Realised Profit and Loss (NPL), which monitors the profits gained by Bitcoin owners who have sold their coins. Davis points out that the indicator has not yet risen beyond what is usually seen prior to market tops.

This implies that many investors are still holding onto their profits and have not started selling in large numbers. As a result, the market may continue moving upward in the short term.

NUPL Data Signals More Upside Potential

The Net Unrealised Profit and Loss (NUPL) indicator also supports this view. It tracks the overall unrealized profits or losses across all Bitcoin holders.

On May 5, the NUPL had a share of 52.78 percent, but it rose to 58.7 percent after Bitcoin peaked. Though these numbers reflect a high level of profit, they are not as high as they were just before market reversals.

Since both numbers remain healthy, analysts are hopeful. Although the price has continued to rise, there hasn’t been a noticeable sell-off so far.

Even so, the market is still affected by significant changes, as updates to regulations and shifts in the global economy could also decide its direction. At the moment, technical signs point to Bitcoin’s rise not ending anytime soon.

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