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Bitcoin is very close to the $69,000 level. Is a crash imminent?

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The current trading price of Bitcoin (BTC) is very bullish, and during this phase, people are tense about the current buy support versus panic levels as the trading price approaches the last all-time high (ATH).

The current trading price of Bitcoin (BTC), the top crypto asset by market cap, is $67.7k, which is very near to its last all-time high of the 2021 bull run.

#Bitcoin $69k & fear simultaneously nearing pic.twitter.com/g87PQej1W3
— Bitcoinik (@Bitcoinikdotcom) March 5, 2024

The current total trading volume of Bitcoin across all crypto exchanges is $1.33 trillion, and BTC market dominance is 52.84%. This in itself shows the high level of Bitcoin bullish sentiment picture among people.

Interestingly, 7.05% of Bitcoin addresses have been holding Bitcoin for the last 30 days. Obviously, these 7% of Bitcoin addresses are here because of bullish sentiments.

Bitcoin is very close to the $69,000 level. Is a crash imminent? 6

CoinShares reported that last week, trading volumes hit a high of $30 billion.

According to CoinShares, the total assets under management (AUM) are approaching record levels, exceeding $80 billion. James Butterfill, CoinShares’ Head of Research, highlighted this trend.

Amid the #Bitcoin bull run, James Butterfill, Head of Research at CoinShares, particularly said:
"Total assets under management (AuM), after recent price rises, are now very close to the all-time high at US$82.6bn, just shy of the US$86bn peak set early November 2021."
— Bitcoinik (@Bitcoinikdotcom) March 5, 2024

Many retail traders are in fear during this phase as the trading price nears $69k, the last ATH. But according to crypto analysts, there is no need to fear because the trading price of Bitcoin is expected to hit $100k at least in this bull phase. At a $100k price level, there will be a huge risk of a dump. So for now, we should blindly enjoy the pump.

According to Titan of Crypto, a well-known name among X (formerly Twitter), shared his analysis and confirmed that the $71.8k level is almost confirmed, and the price pump will go beyond this projected level.