Bitcoin “euphoria” fading, price expected to hit $55.4K next

Written by Rock Buivy

Post Date: 18 Feb, 24

Even though Bitcoin is currently “up only” temporarily, experienced traders are already getting ready for a sharp spike in price and the ensuing bear market.

This week, Bitcoin is expected to reach $55,000, but there are already signs of a fresh bear market.

The price objective for Bitcoin is $55,400, as confirmed by well-known trader Titan of Crypto in his most recent analysis on X (previously Twitter) on February 14.

Bitcoin price: Higher according to Ichimoku analysis

Bitcoin bulls continue to fight for the road toward all-time highs, with resistance around $52,000 currently forming the battleground.

Titan of Crypto, capturing overall market sentiment, suggested that "extremely bullish momentum" could take BTC/USD another 6% higher in the coming week.

Uploading a weekly chart including Ichimoku Cloud data, he outlined one more upside target left to hit, with two already achieved.

"Both target 1 & 2 have been hit but $50,900 is a strong level. If Bitcoin manage to close a weekly candle above, target 3 at $55.4k is next," part of the accompanying commentary stated.

“Take note that target 3 has a high probability of being hit even before the end of the week, given the extremely bullish momentum.”

Ichimoku is currently displaying an uncommon bullish setup on weekly timescales, as the price of bitcoin has finally overcome significant resistance elements.

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Trader issues a warning about “unhinged greed” affecting Bitcoin

But looking ahead, worries over a possibly “overheated” market are causing some to expect a decline in the price of bitcoin.

Trader and analyst Credible Crypto said in a lengthy X post that the likelihood of a sudden correction is rising, even if current all-time highs are surpassed and BTC/USD crosses $100,000.

He claims that this is a result of normal market dynamics since nothing can stay in “up only” mode indefinitely, even with significant inflows into spot Bitcoin exchange-traded funds (ETFs).

In the end, he observed, “there is a major crash for every major parabolic rise, and vice versa.”

“When that euphoria peaks, you don’t get unhinged greed and euphoria (and the vertical price appreciation that goes along with it) without an equal and opposite reaction.”

Credible Crypto cited a different article from trader and YouTuber TXMC Trades, who had previously advised readers not to put too much faith in ETF inflows that were driving up Bitcoin indefinitely.

Others continue to be cautious about the strength of the Bitcoin price. MN Trading’s founder and CEO, Michaël van de Poppe, believes the market is already “slightly overheated.”

On the same day, he said, “I wouldn’t be unhappy if we got a slight correction to return to reality.”

As Bitcoin continues its tumultuous journey through the financial markets, one trader has issued a stern warning about the impact of “unhinged greed” on the cryptocurrency’s trajectory.

With Bitcoin’s price surging to unprecedented levels in recent months, fueled by a frenzy of retail and institutional interest, concerns about market exuberance have come to the forefront.

The trader’s cautionary remarks highlight the delicate balance between market speculation and sustainable growth within the crypto space.

Amidst the euphoria surrounding Bitcoin’s meteoric rise, the trader’s warning serves as a sobering reminder of the risks inherent in speculative markets. W

hile bullish sentiment has propelled Bitcoin to new heights, fueled by factors such as institutional adoption, increasing mainstream acceptance, and limited supply, there’s also a growing chorus of voices expressing concerns about the sustainability of its ascent.

The trader’s emphasis on “unhinged greed” underscores the potential for irrational exuberance to lead to market volatility and abrupt corrections.

Indeed, the history of Bitcoin is punctuated by periods of rapid price appreciation followed by sharp downturns, highlighting the inherent volatility and unpredictability of the cryptocurrency.

As institutional investors and retail traders alike flock to Bitcoin in search of outsized returns, the trader’s warning serves as a cautionary tale about the dangers of unchecked speculation. I

n an ecosystem driven by FOMO (fear of missing out) and hype, maintaining a level-headed approach to investing becomes increasingly crucial to navigating the volatile waters of the crypto market.

Ultimately, the trader’s admonition underscores the importance of prudence and risk management in the realm of cryptocurrency investing.

While Bitcoin’s potential as a disruptive force in global finance is undeniable, navigating its price fluctuations requires a keen understanding of market dynamics and a disciplined approach to investment.

As the cryptocurrency continues to captivate investors worldwide, heeding the warnings of seasoned traders becomes essential in mitigating the risks associated with the pursuit of crypto riches.

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