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Bitcoin Rally Can Go Higher Before Correction: Analyst
Bitcoin’s recent surge has left many wondering when the cryptocurrency will “correct” itself. While some believe we’re already in a bubble, Katie Stockton, Founder and Managing Partner of Fairlead Strategies, argues that there’s still room for growth before a correction occurs.
In an interview on CNBC’s Closing Bell segment, Stockton emphasized that the recent breakout was clean and supported by strong technicals. Based on this, she predicts that Bitcoin could continue climbing towards $135,000 in the coming weeks.
Stockton’s prediction is fueled by historical patterns, which suggest that the cryptocurrency does not correct immediately after breaking all-time highs. In fact, both 2017 and 2021 saw significant rallies of 3-6 months following ATH before a major downturn set in.
In terms of technical indicators, Bitcoin’s momentum is still intact. While the Stochastic RSI has begun to turn downward from the 90s, indicating potential short-term exhaustion, other metrics suggest that the rally is not yet exhausted. The MACD remains in bullish territory, and the cryptocurrency’s daily chart still supports the $135K target.
Furthermore, derivatives market data also underscores the idea of further upside ahead. Aggregated Open Interest surged past $41 billion, indicating growing participation without reckless leverage. Crucially, the Aggregated Funding Rate hovered at 0.0183, a relatively neutral level that suggests traders are not overly optimistic or pessimistic.
In light of these factors, it appears that there is still room for growth before Bitcoin corrects itself.
Source: ambcrypto.com
