March 27, 2024
Bitcoin Hits $52,150, Targets $55.4K Amid Euphoria Warnings
Bitcoin price today

Bitcoin Hits $52,150; Targets $55.4K Amid Euphoria Warnings

Thursday, February 15, 2024: The price of Bitcoin is at $52,150. Forecasts suggest BTC may hit $55,000 this week, as trader Titan of Crypto predicts. Yet, cautionary signals about an imminent bear market are surfacing.

In a Feb. 14 analysis on X (formerly Twitter), Titan of Crypto confirmed a $55,400 BTC price target. The ongoing battle for Bitcoin bulls revolves around overcoming resistance at approximately $52,000.

Titan of Crypto, reflecting market sentiment, suggested that “extremely bullish momentum” might propel BTC/USD about 6% higher in the upcoming week. On a weekly chart incorporating Ichimoku Cloud data, he highlighted one remaining upside target, with two already achieved.

Both targets 1 & 2 have been hit, but $50,900 is a strong level. If Bitcoin manages to close a weekly candle above, target 3 at $55.4k is next, noted part of the accompanying commentary. Given the extremely bullish momentum, target 3 has a high chance of getting hit even before the end of the week.

Looking ahead, concerns about an “overheated” market are surfacing, leading to predictions of potential downside in BTC prices.

In an extensive post on X, trader, and analyst Credible Crypto cautioned that even if BTC/USD surpasses existing all-time highs and reaches $100,000, the likelihood of a sudden correction is growing. He emphasized that natural market dynamics dictate that nothing can sustain an “up only” trajectory indefinitely, despite significant inflows into spot Bitcoin exchange-traded funds (ETFs).

“At the end of the day, for every major parabolic rise, there is a major crash, and vice versa,” wrote Credible Crypto. “You don’t get unhinged greed and euphoria (and the vertical price appreciation that comes with it) without an equal and opposite reaction when that euphoria peaks.”

Credible Crypto referred to a post by trader and YouTuber TXMC Trades, who previously cautioned readers against relying on ETF inflows to propel Bitcoin perpetually higher.

Others also express caution regarding the strength of BTC prices. Michaël van de Poppe, founder and CEO of MN Trading, believes the market is already “slightly overheated.” On the day, he mentioned, “I wouldn’t be unhappy if we got a slight correction to return to reality.”

Image by fabrikasimf on Freepik

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