Bitcoin’s price skyrockets to $64,268! What lies ahead: $65,900 or an impending market correction?

Bitcoin Price Surges to $64,268, Setting the Stage for $65,900 or a Correction?

The price of Bitcoin (BTC) has recently seen a remarkable rally, surpassing the crucial support levels at $61,100 and reaching a new high of $64,268. Despite this impressive performance, Bitcoin is expected to surpass its peak in 2021 by only 10%. Analysts believe that if Bitcoin breaches the $61,800 level, it could potentially climb even higher to $65,900.

At the same time, Greeks.Live, a platform for crypto options trading, has observed a surge in options orders exceeding $5 million. This indicates increased market volatility and trading activity.

Renowned crypto analyst Ali Martinez provides insights into Bitcoin’s key support levels. A significant volume of over 500,000 BTC has been transacted within the range of $61,100 to $61,800, establishing a strong support area for the cryptocurrency. Martinez suggests that if Bitcoin remains above this threshold, it is likely to climb towards $65,900 with minimal resistance.

However, Martinez also points out potential downside risks. If Bitcoin dips below the established support level, it could trigger a correction, potentially leading to a price drop to $56,970 or even $51,500.

Looking ahead, analyst Will Woo presents an optimistic projection for Bitcoin. He foresees Bitcoin surpassing $125,000 by 2025, based on the assumption of a 3% portfolio allocation from clients of BlackRock and Fidelity. This could have a significant impact on Bitcoin’s trajectory.

Further bolstering positive sentiment, Greeks.live observed a weekend spike in options block market orders exceeding $5 million, with the majority of them being buy calls. This indicates a strong bullish sentiment in the market.

This surge in options activity aligns with Bitcoin’s recent achievement of reaching a new yearly high at $64,000. As a result, there has been an increase in short-term bull spreads trading, pushing the ultra-short-term Implied Volatility (IV) close to 80%. The market is buzzing with a “do more” attitude, entering a Fear of Missing Out (FOMO) stage.