On May 28, the Bitcoin network witnessed a significant surge in transaction value, reaching a yearly high of over $25 billion in United States dollar terms.

Record-Breaking Transaction Volume

According to data from Bitcoin explorer Blockchain.com, holders transacted approximately 367,000 BTC on May 28. This marked the highest volume of Bitcoin moved since June 13, 2022, when over 519,000 BTC were transacted. Notably, despite the lower number of BTC moved compared to the previous high, the soaring price of BTC at around $69,374 resulted in the total transaction value exceeding $25.5 billion.

Stable Transaction Frequency

While the transaction value soared to a yearly peak, the number of Bitcoin transactions remained relatively stable. On May 28, Bitcoin transaction tracker YCharts recorded approximately 596,790 transactions, a figure comparable to other days in the same period.

Trading Volume and Forecasts

In addition to transaction metrics, Bitcoin's trading volume also remained within normal ranges. Blockchain.com data indicated a trading volume of $200 million for Bitcoin transactions on cryptocurrency exchanges on May 28.

Looking ahead, trading analyst Peter Brandt has offered a bullish forecast for Bitcoin, suggesting a potential price target of $130,000 by 2025. Brandt pointed to historical patterns in Bitcoin's post-halving cycles, indicating that if Bitcoin follows similar trajectories to previous cycles, it could reach $130,000 to $150,000 by August or September 2025. Brandt highlighted the correlation between Bitcoin's halving dates and the beginning and peak periods of bull markets, supporting his optimistic outlook.

As Bitcoin continues to demonstrate resilience and attract attention from both investors and analysts, its trajectory remains closely watched by market participants, with expectations of further price appreciation and continued transactional activity.