Bitcoin Price Analysis: Is a Correction Coming or Will BTC Break $120K Next?

Key Points

1. Bitcoin broke above its previous all-time high of $111K, triggering a bullish rally toward $120K.

2. The $120K zone is a probable area for profit-taking and distribution, which may lead to a short-term corrective phase.

3. A healthy retracement could target Fibonacci levels between $111K and $113K, where the market may stabilize for further upward movement.

4. The Short-Term Holder SOPR metric indicates limited profit-taking compared to historical peaks, suggesting the bullish cycle may not yet be over.

5. Despite the rally, traders should be cautious of potential corrections as Bitcoin tests key resistance levels.