Bitcoin (BTC) reached a new all-time high of $77,000 on November 8th and traders expect the upward momentum to continue. Ryan Lee, the chief analyst at Bitget Research, predicts that Bitcoin will "rise to $100,000 within the next three months."

Analysts believe that Bitcoin's recent price surge is not an overextension and is supported by solid fundamentals. Alex Thorn, the research director at Galaxy, stated in his November 7th report that Bitcoin and other cryptocurrencies could trade "at significantly higher levels than the current all-time high in the next 12-18 months."

Famous analyst Rekt Capital wrote on platform X that a weekly close above $71,500 could initiate a "parabolic phase." He expects that "the likelihood of further consolidation is very low."

Despite signs that the uptrend will continue, traders still need to be cautious as the consensus is heavily leaning towards buying. When this happens, the likelihood of a strong correction to shake out weaker investors cannot be ruled out.

So what are the important support levels to watch in the event of a correction for Bitcoin and altcoins?

Bitcoin has traded above the breakout level of $73,777 for the past two days, indicating that the bulls are holding their ground.

The target for the breakout from the large range of $54,000 to $73,777 is $93,554. However, the bulls are expected to face strong resistance from the bears, who will try to pull the price back to this region.

Conversely, a drop and close below the 20 EMA line could plunge down.