Bitcoin looks ready to blast above its all-time high, but traders should remember that vertical rallies are rarely sustainable.
The S&P 500 Index (SPX) and the Nasdaq Composite made a new all-time high last week, indicating a risk-on sentiment among investors. Bitcoin (BTC) also does not want to be left behind and is currently less than $2,000 shy of the lifetime high of $68,990 made in November 2021.
The momentum favors the buyers to catapult Bitcoin’s price to a new all-time high over the next few days. But the central question is, will a rise above $68,990 start the next leg of the uptrend or will the price turn down sharply and start a corrective phase, trapping the aggressive bulls?
During a FOMO phase, strong returns are made within a short span of time. Even though the risk is high, the period rewards traders who can ride this phase. However, traders need to be careful because vertical rallies are followed by sharp declines. Hence, traders should keep their stops ready lest their gains may evaporate quickly.
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Source: https://cointelegraph.com/news/price-analysis-3-4-spx-dxy-btc-eth-bnb-sol-xrp-ada-doge-avax