Bitcoin’s Price Hovers Above $67K as Spot Bitcoin ETFs Drive Market Rally
Bitcoin (BTC) has been maintaining its position above $67K for the past 48 hours, after experiencing significant gains in late February. The recent market rally of BTC is attributed to spot Bitcoin ETFs, which have been attracting substantial inflows into their funds. As a result of the bullish sentiment in the market, miners have earned a daily revenue of $75.9 million, marking the second-highest in history.
Resistance to Higher Prices and Potential Correction
While Bitcoin attempts to reach new all-time highs, it faces resistance to higher prices. This is not surprising considering that some traders and market analysts believe the cycle top might come earlier this year. One technical analyst, Alà (also known as Ali_Charts), has identified a critical support level for Bitcoin at $66,112. Breaking below this level would indicate a further correction for BTC, with the next crucial support zone being at $60,600.
Projections for Bitcoin’s Price
Renowned Bitcoin analyst CryptoCon suggests that if the cycle top were to occur late in the year, BTC prices could range between $77,000 and $149,000. These projections are based on logarithmic bands and historical trends. However, it is worth noting that the red bands, which typically indicate significant price movements, have been reached earlier than usual in this cycle.
On the other hand, technical analyst Michaël van de Poppe believes that while the overall cycle behavior remains comparable to previous cycles, Bitcoin’s valuation is higher pre-halving due to the presence of spot Bitcoin ETFs. According to van de Poppe, this suggests that the market top is near and a 30% correction could be looming.
Long-Term Bitcoin Holders Taking Profits
As BTC continues to reach new all-time highs, long-term Bitcoin holders have been taking profits. This indicates that they are capitalizing on the price increase by selling their holdings. Despite this, analysts believe that the market is still poised for a prolonged bull run.
Hot Take: Is BTC Headed for $100K or a Correction?
Bitcoin’s price has been hovering above $67K for the past 48 hours, following a significant market rally driven by spot Bitcoin ETFs. While resistance to higher prices is expected as BTC attempts to reach new all-time highs, traders and analysts are divided on whether BTC can break above $100K or if a correction is imminent. Technical analyst Alà identifies a critical support level at $66,112, and breaking below it could lead to a further correction with the next crucial support zone at $60,600. On the other hand, renowned Bitcoin analyst CryptoCon projects that BTC prices could range between $77,000 and $149,000 if the cycle top occurs late in the year. However, technical analyst Michaël van de Poppe suggests that a 30% correction is likely as the market top approaches due to Bitcoin’s higher valuation pre-halving. As long-term Bitcoin holders take profits amid new ATHs, the market remains primed for a prolonged bull run.
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