Bitcoin has performed extremely well over the past two weeks.

In a previous analysis, I wrote that I expected the ETF to be a long-term top. We're down over 20%, but I expect we'll be down into the 35k-30k area. However, just one month later we were retesting the resistance that had preceded the ETF's launch.

For now, BTC is very likely to reach new highs in the near future. Price action is strong, and so is the stock market. However, there is a small risk that the RSI is very overbought.

With the 4-hour RSI at 83 points, entering short-term long positions is risky at the moment. I expect price to correct a few percentage points to cool down the RSI a bit.

This would be a great entry point for long term swing positions as BTC will likely break above 50k on the next leg up, creating a nice cup-and-handle pattern. #BTC! $BTC