As the unexpected hype, which struck like a beast out of nowhere, begins to fade. Once the market regains its usual rhythm and technical analysis comes back into play, I can focus on the $94,829 zone but remember-- $89,840 is off the table. $94,829 is still on track.
In the meantime, those who bought at the peak due to FOMO are left wondering: how long until Bitcoin reaches a new all-time high? This raises two important questions: does Bitcoin need a correction first? Based on USDT.D data, I believe it’s on track.
This hype won’t end until enough retail traders have been baited globally. Once that happens, we can expect a significant drop, potentially triggering the start of altcoin season. We could return to the good old days where Bitcoin rises, and alts follow. However, we must also recognize that as Bitcoin devalues, altcoins might take a hit before recovering and cheer up altcoin traders, our moment is not too far out.