Bitcoin tops $87,000 as analyst says bear market is over

Leading cryptocurrencies reached multi-month highs on Monday amid strong optimism and fear of missing out. Bitcoin rose above $87,000 for the first time since January, while trading volume increased nearly 150% over the previous 24 hours. Ethereum rallied to a nearly 10-month high of $2,800. XRP and Dogecoin also recorded sharp gains. Cryptocurrency-related stocks advanced, with Strategy Inc. closing up 9.47% and Bitmine Immersion Technologies Inc. closing up 8.70%. More than $1 billion was liquidated from the cryptocurrency market over the previous 24 hours, including $840 million in bearish short bets, according to CoinGlass data. Bitcoin's open interest increased 8.44% over the same period. The article says that rising open interest alongside a rising price typically indicates strong bullish momentum and fresh money entering the market. The Crypto Fear & Greed Index showed extreme greed. The global cryptocurrency market capitalization rose to $2.91 trillion, a 4.28% increase over 24 hours. Cryptocurrency analyst and trader Michaël van de Poppe said Bitcoin's surge would not stop soon. He targeted $90,000 to $91,000 next, with a possible extension to $98,000 to $100,000. Van de Poppe said he would not bet against the trend and that the bear market was over. Cryptocurrency commentary favoring Bitcoin reached its highest level since 2024, according to on-chain analytics firm Santiment. Santiment warned that crowded expectations can be punished and that synchronized confidence in further gains can develop near local market tops.