QCP: If Bitcoin breaks through its all-time high, it may trigger a new round of FOMO rally, further boosting the price of the coin

On May 21st, QCP released its daily market observation, indicating that the yield of the 30-year Japanese Government Bond (JGB) has exceeded 3%, breaking through a historical level. Japan's long-standing and escalating debt issue has always been a potential concern, and it is now approaching a critical juncture. If this wave of bond sell-offs continues and fiscal concerns intensify, the market's reevaluation of Japan's risk could lead to the yen's appreciation in the short term. The volatility in the Japanese market has already started to impact global markets. The yield of the U.S. 30-year Treasury has once again surpassed 5%, and investors are now focusing on the U.S.'s own debt trajectory. Meanwhile, Bitcoin tried to break through the $108,000 mark today but failed to maintain the upward momentum. The current price trend is closely related to the accumulation by Strategy and Metaplanet, which remain the main sources of buying pressure. However, as the market becomes more concerned, they may have represented the final wave of "marginal buyers." If their purchases slow down, it could trigger profit-taking by other investors, potentially reversing the current uptrend. Despite facing continuous headwinds at the macro level, including surging bond yields, tariff escalations, and potential stagflation risks in the U.S. in the third and fourth quarters of 2024, Bitcoin has shown remarkable resilience over the past month. That said, once the price successfully breaks through the all-time high, it may trigger a new round of FOMO sentiment, pulling idle funds into the market and further driving up the price of the coin.