Explosion Above $69K Incoming or a New Correction First?

Bitcoin (BTC), which saw remarkable gains in the last weeks of February, has been hovering above $67K for the past 48 hours.

Behind BTC’s recent market rally are spot Bitcoin ETFs, which are netting substantial inflows into their funds. As the market is gripped with bullish sentiment, miners have earned $75.9 million in daily revenue, the second-highest in history.

Resistance to higher prices might not come as a surprise as Bitcoin attempts to reach new all-time highs. That said, traders and market analysts closely monitor BTC, some of whom believe the cycle top might come earlier this year.

Can BTC Break Above $100K, or Is There a Correction Looming?

Technical analyst Alí, also known as Ali_Charts on X (formerly Twitter), shared with his followers a critical support level for Bitcoin at $66,112. Moreover, this level is marked by a substantial volume of over 300K BTC transactions.

Breaking below it, the analyst explains, would mean a further correction for BTC:

Should BTC break below this pivotal threshold, eyes will turn to $60,600 as the next crucial support zone.

The key support level for #Bitcoin stands at $66,112, marked by a substantial volume of over 306,676 $BTC transactions. Should #BTC break below this pivotal threshold, eyes will turn to $60,600 as the next crucial support zone. pic.twitter.com/etuBRlvIOR

— Ali (@ali_charts) March 7, 2024

Meanwhile, renowned Bitcoin analyst CryptoCon suggests that if the cycle top were to occur late in the year, BTC prices could reach between $77,000 and $149,000.

These projections are based on logarithmic bands and historical trends. The analyst notes that the red bands, which typically indicate significant price movements, have been reached earlier than usual in this cycle.

As CryptoPotato reported, long-term Bitcoin holders are taking profits as BTC hits new ATHs. However, analysts believe the market might be poised for a prolonged bull run.

Nevertheless, technical analyst Michaël van de Poppe says that while the overall cycle behavior remains comparable to previous cycles, Bitcoin’s valuation is higher pre-halving, mainly due to the spot Bitcoin ETFs. This suggests, according to van de Poppe, that the market top is near —and a 30% correction is looming.

Taking into account that there’s a halving happening on #Bitcoin, then the price action is still comparable to previous cycles.

The only difference; valuation is higher pre-halving due to the ETF.

What it does mean:– Top is near, 30% correction likely.– Altcoins to do well.

— Michaël van de Poppe (@CryptoMichNL) March 7, 2024