Rally

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Bitcoin

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<ul class="news-points">
 <li>Bitcoin has surged to $66,480, marking a two-month high and boosting the altcoin market.</li>
 <li>Market participants are targeting Bitcoin to reach the $70K level soon. </li>
 <li>Santiment warns that overwhelming bullish sentiment could lead to a price correction rather than a new all-time high.</li>
</ul>
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 <a href="https://coinedition.com/bitcoin-price-surges-to-65k-but-74k-could-be-just-weeks-away/" rel="noopener noreferrer nofollow">Bitcoin</a> 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.
<h2 class="wp-block-heading" id="h-bitcoin-all-time-high-may-remain-elusive-nbsp">Bitcoin All-time High May Remain Elusive&nbsp;</h2>
In an <a href="https://x.com/santimentfeed/status/1840196477127172139" target="_blank" rel="noopener noreferrer nofollow">analysis</a> 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 <a href="https://coinedition.com/santiment-flags-likely-bitcoin-correction-amid-overwhelming-bullish-call-for-70k/" rel="noopener noreferrer nofollow">Overconfidence in Bitcoin’s Rally to $70K Spells Warning for Massive Correction, Data Shows</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Overconfidence in Bitcoin’s Rally to $70K Spells Warning for Massive Correction, Data Shows

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