Amid warnings of the end of Bitcoin ‘euphoria’, the next BTC price will hit $55.4k.
Bitcoin (BTC) is on its way to $55,000 this week – but warnings of a new bear market are already appearing.
In a recent analysis on X (formerly Twitter) on February 14, the popular trading titan of crypto confirmed the next BTC price target of $55,400.
BTC price: Ichimoku analysis point is higher.
Bitcoin bulls continue to fight their way to higher levels, with resistance around $52,000 currently on the battlefield.
The titan of crypto, taking into account the general market sentiment, suggested that “extreme momentum” could push BTC/USD up another 6% in the coming week.
Uploading a weekly chart including Ichimoku Cloud data, he listed one more upside target left to hit, two of which have already been hit.
“Both targets 1 and 2 have been hit but $50,900 is a strong level. If Bitcoin manages to close the weekly candle above, target 3 is next at $55.4k,” said part of the same opinion.
“Note that given the extremely aggressive target, 3 is highly likely to hit even before the end of the week.”
As Cointelegraph reports, Ichimoku is currently showing an unusual bullish setup on weekly timeframes, with BTC price now clearing major resistance features.
The trader warns of “unbridled greed” when it comes to Bitcoin
Looking ahead, however, concerns about an “overheated” market will lead to BTC price decline forecasts.
Related: Bitcoin bulls flirt with $69K BTC price target as crypto market nears $2T
In X's post, trader and analyst Credible Crypto, although the current all-time highs are passed and BTC / USD passes $100,000, the possibility of a quick correction is increasing.
This, he says, represents natural market volatility — despite the influx of large amounts of Bitcoin exchange-traded funds (ETFs) into the space, nothing can remain “only on” indefinitely.
“At the end of the day, for every big parabolic growth there is a big crash and vice versa,” he wrote.
“When that pleasure is at its peak, without an equal and opposite response, you don't get insatiable greed and pleasure (and the appreciation that comes with it).”
Credible Crypto also referenced another post by trader and YouTuber TXMC Trades, who previously told readers not to trust Bitcoin's massive ad infinitum-generating ETF flows.
While I think we are currently on a path to new highs, the tweet below is important to bring to your mind – there will be a point where a major crash / correction is considered “impossible” in the relatively near future and we are in a new… https:// t.co/mYghO2GE4s
— CrediBULL Crypto (@CredibleCrypto) February 14, 2024
Others maintain an air of caution over BTC's price strength. For Michael van de Pop, founder and CEO of MN Trading, the market is already “a bit oversaturated.”
“I'm not happy if we get a little bit of a correction to get back to reality,” he said that day.
Income in ETFs is great for #Bitcoin.
However, it is not the only argument for the markets to move.
If I look at this neat chart, it suggests that we are: Super bullish – A little overheated.
I won't be happy if we get a little correction to get back to reality. pic.twitter.com/ZNnoNQGeeK
— Michael Van de Pop (@CryptoMichNL) February 15, 2024
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
