Bitcoin ‘Euphoria’ Nearing End, Expected BTC Price of $55.4K on the Horizon

Bitcoin (BTC) is poised to reach $55,000 this week, according to popular trader Titan of Crypto. In a recent analysis on X (formerly Twitter), he confirmed a price target of $55,400 for BTC. Currently, Bitcoin bulls are facing resistance around $52,000 as they strive for all-time highs. Titan of Crypto predicts that “extremely bullish momentum” could push BTC/USD another 6% higher in the coming week. The trader shared a weekly chart with Ichimoku Cloud data, highlighting that two upside targets have already been achieved, with a strong level at $50,900. If Bitcoin manages to close a weekly candle above this level, the next target is $55.4k. However, concerns are arising about an overheated market and the potential for a snap correction. Credible Crypto, a trader and analyst, warned that even if BTC/USD surpasses $100,000, the odds of a correction are increasing. He emphasized that all parabolic rises are eventually followed by crashes, and vice versa. Other traders, such as Michaël van de Poppe, also express caution about BTC’s price strength, noting that the market is already slightly overheated. They believe a slight correction would bring the market back to reality. It’s important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.