Why Did Bitcoin’s Price Crash by $6K Daily and Where Is BTC Heading Next?

Key Points

1. BTC's price surged by over $15,000 in a short period, breaking previous records and setting a new all-time high of over $123,000.

2. During the rally, BTC briefly surpassed silver, Alphabet (Google), and Amazon to become the fifth-biggest global asset before correcting to sixth place.

3. Investors booked profits of up to $3.5 billion during the rally, with Glassnode noting a trend reversal in the ratio between Long-Term Holders (LTH) and Short-Term Holders (STH).

4. Analysts are divided on BTC's future price movement, with some predicting further gains to $200,000 while others warn of a potential climax in the bullish trend.

5. Santiment noted that BTC's social media activity spiked during the rally, suggesting many traders were 'FOMO-ing in,' which could be a concerning sign.