The recent surge in Bitcoin's price is believed to be driven by leveraged bets in derivatives markets, according to an analyst known as 'crypto sunmoon.' Unlike previous market cycles, where increased deposits accompanied bull runs, this time Bitcoin is flowing into futures exchanges for leveraged betting. The influx of Bitcoin into derivatives exchanges signals increased investor confidence and suggests a belief in further price gains. This confidence creates a feedback loop, fueling the current bull market. Additionally, other metrics, such as the Stablecoin Supply Ratio Oscillator and Fibonacci retracement levels, indicate increasing demand and the potential for Bitcoin's price to reach between $174,000 and $462,000.



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