Bitcoin's Euphoric Phase: Rally to $80K and All-Time High Predicted by Elon Musk

Glassnode analysts report that the Bitcoin market has entered a "euphoric phase" with spot trade volume reaching levels seen during the 2020 to 2021 bull market, driven by both spot trade volume and exchange deposits and withdrawals. The market is still in its early stages of euphoria, with profit taking on the rise. The surge in trading volumes followed the approval of spot bitcoin exchange-traded funds (ETFs) in January, with daily trading volumes peaking at $14.1 billion in March. The Fear and Greed index currently sits at a reading of 78, indicating "extreme greed" in the market.