The only scenario that would push the BTC price to such levels implies some sort of global disaster to come, he stated in an optimistic message today, Dec. 9, 2023:

He stressed that the progress the Bitcoin (BTC) price accomplished so far looks massive: The orange coin managed to surge by 150% in 2023. One year ago, it struggled to stay above the $16,500 level, decimated by the FTX collapse.

At the same time, the trader is sure that a healthy correction is “due” at this stage of the Bitcoin (BTC) bull market. The upcoming correction might be “deep,” so the trader recommends to avoid treating this analysis as an immediate buy call.

His views are echoed by Bitcoiner Samson Mow, who “didn’t mind a Bitcoin pullback,” as covered by U.Today previously.

The Bitcoin (BTC) “Fear and Greed” index climbed to 73/100, which is an indicator of overheated market sentiment.

Also, as demonstrated by leading trading portal TradingView, the Bitcoin (BTC) price’s relative strength index (RSI) is 75, which indicates an overbought status of the largest cryptocurrency.

This article was originally published on U.Today