Bitcoin climbed above $123,000 in early Thursday trading, reflecting both optimism and uncertainty as analysts remain split on what is driving the rally. QCP Capital called the move a “credibility hedge,” while Glassnode and CryptoQuant debated whether the surge reflects genuine conviction or underlying complacency.
The rally is fueled by strong ETF inflows, accumulation by mid-tier holders, and cautious optimism that the market has not yet peaked.
Key market signals:
- QCP Capital: Capital is rotating from overextended AI equities into perceived safe havens like Bitcoin and gold amid policy uncertainty.
- Glassnode: Record ETF inflows and mid-tier accumulation have transformed resistance levels into support.
- CryptoQuant: On-chain profit-taking remains below historic highs, suggesting the rally still has room to
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