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The rally came amid new highs in traditional markets, with the S&P 500 hitting $6,748 and gold peaking at $3,982. This trend shows stronger investor optimism ahead of a potential Federal Reserve rate cut later this month.
Data from Glassnode suggests that Bitcoin may still have room to run. With that, the cost basis distribution remains between $120,000 and $121,000, indicating limited support zones in that range.
A critical cluster lies near $117,000, where about 190,000 BTC were last accumulated. Analysts believe a pullback into this region could increase demand as buyers defend their recent entries.
Analysts weigh near-term correction versus continued rally
Market analysts are split on whether Bitcoin can extend its gains without a cooling period. Crypto trader Ted Pillows noted that BTC has already broken above $126,000, with little resistance until the $128,000 region. Getting to that area means whales could push prices higher.
 
However, Ted cautioned that liquidity has been building to the downside, suggesting that a sweep lower to capture that liquidity is possible.
Michaël van de Poppe, CIO and founder of MN Fund, also advised patience, arguing that Bitcoin is unlikely to “blast through the ATH in one go.” Popped believes that any retracement below $121,500 could provide a favorable re-entry before a potential move toward $150,000.
Technical data supports a similar outlook. AltcoinPiooners highlighted that Bitcoin’s six-hour chart shows cooling volume and an RSI near 68, signaling overbought conditions.
The 0.618 Fibonacci extension points to $148,000 as a longer-term target, with possible short-term dips to $119,000 if macro headwinds intensify.
Despite short-term risks, institutional demand is key. Recent ETF inflows, including nearly $1 billion in a single day from BlackRock’s IBIT, continue to absorb market supply, strengthening bullish sentiment.