- Bitcoin nears $70K, market cap over $1.37 trillion; analysts predict possible rise above $90K this week.
- Data from Glassnode hints at Bitcoin reaching new highs, with Pi Cycle Top indicator suggesting $98K target.
As Bitcoin inches toward its all-time high, the cryptocurrency market braces for what could be a transformative week. Bitcoin’s ascension has reignited the optimism of reaching new heights, possibly breaching the $90,000 mark.
The trajectory of Bitcoin often sets the pace for other cryptocurrencies like Ethereum (ETH) and Solana (SOL), suggesting a ripple effect across the market should Bitcoin hit new milestones.
Currently, Bitcoin trades at $69,630.41, with a market capitalization surpassing $1.37 trillion. Over the past 24 hours, its value has increased by more than 2%, marking a steady climb.
This upturn is supported by data from ETHNews and further analyzed by us, using Glassnode’s insights, which indicate a strong possibility for Bitcoin to not only revisit its all-time high but potentially exceed it, aiming for as high as $98,000.
The optimism is buttressed by the Pi Cycle Top indicator, a metric that hints at Bitcoin nearing its potential market bottom, setting the stage for an upward trajectory. Additionally, analysis from CryptoQuant shows a decrease in Bitcoin’s net deposits on exchanges, implying heightened buying pressure as fewer investors are willing to sell.
However, it’s not all clear skies. The network value to transaction ratio (NVT) has shown a sharp increase, signaling that Bitcoin might be overvalued at the moment. This could suggest an impending price correction.
Similarly, the Bitcoin Fear and Greed Index stands at 53%, indicating that market sentiment is currently driven by neutral—an emotional state that historically precedes pullbacks.
Despite these warnings, the general market sentiment remains bullish. If Bitcoin achieves a new high, it is likely to pull other major cryptocurrencies along with it. Solana and Ethereum have already shown signs of strength with recent increases in value.
Meme coins like Dogecoin and Shiba Inu have not mirrored this trend and show declines in their recent performances.
