According to CryptoPotato, Bitcoin (BTC) has been hovering above $67,000 for the past 48 hours, with spot Bitcoin ETFs driving its recent market rally. Miners have earned $75.9 million in daily revenue, marking the second-highest in history. As Bitcoin attempts to reach new all-time highs, resistance to higher prices is expected. Some traders and market analysts believe the cycle top might come earlier this year.
Technical analyst Alí, also known as Ali_Charts on X (formerly Twitter), identified a critical support level for Bitcoin at $66,112, marked by a substantial volume of over 300,000 BTC transactions. If BTC breaks below this level, the next crucial support zone would be $60,600. 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, based on logarithmic bands and historical trends.
However, technical analyst Michaël van de Poppe notes 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 that the market top is near, and a 30% correction is looming. Despite this, some analysts believe the market might be poised for a prolonged bull run.
