Assessing Bitcoin's Value: Could a Readjustment Precede the Next Surge?

Bitcoin's recent uptrend culminated in a new all-time high of around $123,000, but indicators of buyer fatigue and potential redistribution are emerging. From market patterns to miner activity and funding sentiment, the market appears to be approaching a critical juncture where a correction may be necessary before the next rise.

Bitcoin maintains its bullish market structure, with unbroken higher highs and higher lows. The 4-hour chart shows a potential Head and Shoulders pattern, suggesting a possible bearish continuation if the neckline fails to hold. On-chain metrics show a significant increase in miner outflows to exchanges, often a precursor to a market cooldown or sideways movement. While these factors don't necessarily indicate a macro reversal, they do call for short-term caution.