BTC repeatedly breaks new highs, what direction will it take next??
BTC has reached a new high, and the market performance remains strong. Currently, the next key liquidation point for the bears is around $126,700, and overall, the willingness to short significantly has weakened.
Although BTC has fallen about 3000 points from its peak, considering it has risen from 108,000 to 125,700, the cumulative increase is significant, and a short-term consolidation is a normal phenomenon, so there is no need to worry excessively. It is expected that the market will continue its upward trend, with the next target range looking towards 130,000 to 135,000 USD. At the same time, it is advisable to pay attention to the movements of Ethereum and other altcoins, as there may be a catch-up rally.
In terms of operation, it is not advisable to go against the trend and short on pullbacks, as the current bullish momentum is still strong. One can wait for BTC to pull back to around $121,000 to set up long positions, while Ethereum can look for entry opportunities near $4,450.
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