Crypto Blog
Bitcoin , 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 haveResistance 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.
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., 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.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
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