Despite Bitcoin's impressive rise, reaching levels like $98K, $99K, or even pushing past $100K, I believe we could be nearing a local top, and the market could easily retrace from here. The sentiment is extremely bullish right now, with retail investors flooding into the market and memecoins experiencing a major surge, but this rally feels overextended and unsustainable. A strong correction seems overdue, and if that happens, it could ripple through the entire crypto market. Additionally, geopolitical tensions, particularly with the ongoing conflict in Ukraine and Russia, are escalating. With the U.S. government holding over $20 billion in Bitcoin (208,109 BTC) and the recent approval to sell Silk Road BTC, there’s a risk they could time the sales to cause a downturn, especially to harm the next administration or avoid leaving those BTC behind. Moreover, the strengthening U.S. dollar during Bitcoin’s rise is forming a divergence, signaling potential volatility ahead. Many altcoins are showing weakness, testing key resistance levels, which is never a good sign for the broader market. While there might still be some last-minute pumps in a few altcoins, the next few weeks could see them plummet by 60-80%. Ultimately, this situation is more complex than it might seem, and I don’t view it as a missed opportunity. Sometimes, it’s better to let the current market pass and wait for the right moment to make a safer move. Stay cautious, stay informed, and stay safe.

$BTC