Bitcoin Near Record Highs: Are We Early or Late in the Cycle?

Bitcoin has smashed through $121,000 as the U.S. government shutdown sparks fresh volatility across global markets. Ethereum also climbed to a three-week high, while traders eye undervalued BTC options suggesting more upside ahead. On-chain cycle indicators like the MVRV Euphoria Zone, Short-Term HODL Waves, and the Pi Cycle Top all hint that this rally might not be over, with Bitcoin still below overheated levels seen in past bull-market peaks. We’ll break down what these signals mean for traders and long-term investors, especially as BTC edges closer to all-time highs.

But this isn’t just a crypto story—it’s happening against a backdrop of AI energy demand reshaping electricity prices worldwide, with data centers consuming more power than Bitcoin mining and putting pressure on U.S. grids. Meanwhile, geopolitical news is heating up: the U.K. debates what to do with its $7B Bitcoin stash seized from fraud cases, and the U.S.–China AI race intensifies, raising questions about economic dominance in both tech and digital assets. Tonight we’ll connect the dots: Bitcoin’s breakout, AI’s rising costs, and how government and geopolitical moves could shape the next big phase of this cycle.