The price of BITCOIN is entering price discovery

Bitcoin surpassed its previous all-time high, reaching $80,000 this weekend, signalling entry into a parabolic phase characterized by price discovery. While setting nominal price records, BTC's fully diluted market capitalization remains below its historical peak of $1.58 trillion. Based on current market dynamics and adoption trends, we project Bitcoin to reach $100,000 by the end of 2024, with potential upside to $180,000 by April 2025.