Chicago, IL – Bitcoin (BTC) has been maintaining a steady position above $67K for the past 48 hours, following significant gains in late February. The recent surge in BTC’s value can be attributed to spot Bitcoin ETFs, which have been attracting substantial investments. This bullish trend has also led to miners earning $75.9 million in daily revenue, the second-highest in history.
Analysts and traders are closely monitoring Bitcoin’s movements as it attempts to reach new all-time highs. Some experts believe that the cycle top could arrive earlier this year, raising concerns about a potential correction in the market. Technical analyst Alí, also known as Ali_Charts, has highlighted a critical support level for Bitcoin at $66,112, indicating a possible correction if this level is breached.
The debate continues among experts regarding whether Bitcoin can surpass the $100K mark or if a correction is imminent. CryptoCon, a prominent Bitcoin analyst, suggests that if the cycle top is delayed, BTC prices could range between $77,000 and $149,000. These projections are based on historical trends and logarithmic bands, with red bands signaling significant price movements earlier in this cycle.
Despite long-term Bitcoin holders taking profits as prices hit new all-time highs, analysts are optimistic about a sustained bullish market. However, technical analyst Michaël van de Poppe points out that the current cycle shows similarities to previous cycles, but the valuation of Bitcoin is higher pre-halving due to spot Bitcoin ETFs. This discrepancy suggests a potential market top approaching, with a predicted 30% correction on the horizon.
As market sentiments remain positive and Bitcoin continues to attract investor interest, the possibility of breaking above $100K is becoming a topic of discussion among traders and analysts alike. With the market dynamics constantly evolving, the future trajectory of Bitcoin’s value remains uncertain, leaving investors on edge while they navigate the volatile cryptocurrency landscape.