Bitcoin has surged to $66,480, marking a two-month high and boosting the altcoin market.
Market participants are targeting Bitcoin to reach the $70K level soon.
Santiment warns that overwhelming bullish sentiment could lead to a price correction rather than a new all-time high.
Bitcoin commenced a bull run in the crypto market two weeks ago and has since reached as high as $66,480. This price point was last seen in July. Bitcoin’s achievement of a two-month high has boosted the broader altcoin market. Many other crypto assets have also reclaimed high points last seen three months ago.
Accordingly, market analysts are projecting that Bitcoin could be headed for the long-lost $70K range, potentially setting a new all-time high beyond $73K. However, intelligence platform Santiment has found grounds to warn that an all-time high may not be feasible for Bitcoin in the near term.
Bitcoin All-time High May Remain Elusive
In an analysis posted early today, Santiment remarked that while waiting for Bitcoin’s new all-time high, the market may need to temper its expectations. The analysis stressed that there are currently 1.8 bullish posts toward BTC for every 1…
The post Overconfidence in Bitcoin’s Rally to $70K Spells Warning for Massive Correction, Data Shows appeared first on Coin Edition.
