Bitcoin surged 23% over the past week, briefly exceeding $81,000, reigniting enthusiasm across the crypto community. Several analysts, however, are warning of an imminent correction, with price targets ranging between $40,000 and $45,000. The Relative Strength Index (RSI) has climbed to 83, signaling extreme overbought territory that has historically preceded short-term corrections. The Fear and Greed Index jumped to 74, its highest level since last October, indicating excessive euphoria often driven by FOMO-driven buying. Analyst Niels suggests that a weekly close above $83,000 would confirm the market bottom, otherwise the macro bottom would occur in October.
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