Bitcoin Sets New All-time Highs!

Triumphant Bitcoin has surpassed all-time highs, currently priced at $66,500 after it cooled down from highs of $69,000 as traders cashed out on short term gains.

Growing 55% in one month's time, is Bitcoin ever going to stop appreciating given that the highly-anticipated halving event is less than two months away?

BTCUSD - 1 Week Time Frame

Currently, the price is situated near the previous All-Time High (ATH) and remains below the significant psychological threshold of $70,000.

This positioning suggests that liquidity is likely to accumulate above this zone, as retail market participants plan to sell and place their stop-loss orders beyond this level.

Such a scenario implies that the price could continue to ascend without undergoing a major correction, with any corrective movement expected to occur subsequently.

Will Bitcoin undergo a price correction?

BTCUSD - 1 Day Time Frame

In the context of the anticipated scenario where growth persists without immediate correction, daily timeframe analysis reveals that the price has captured secondary sell-side liquidity, all the while maintaining its position above the $62,000 mark.

Nevertheless, traders and investors should consider all possibilities, acknowledging the potential for a short-term correction before the next bullish phase.

From our analysis, we have identified two additional zones that the price might target next.

Should a short-term correction materialize, it could entice more sellers, especially as bearish candle formations become apparent on the chart.

Retail traders often view these formations as significant indicators within their trading strategies.