Bitcoin (BTC) Reaches a Record High: An Unexpected Twist

Bitcoin (BTC) recently hit an all-time high, with its price skyrocketing to almost $112,000 before settling at just over $107,000, marking a 53% increase year-over-year. This surge in price is in-line with the growth in BTC holders, which has similarly reached a record high of 55.39 million, illustrating a positive trend in the adoption and demand for the cryptocurrency.

Despite the promising signs, some analysts warn of a potential short-term correction due to the Relative Strength Index (RSI) nearing overbought territory at 70. Meanwhile, others remain bullish, predicting the price could surge to over $113,000 if it breaks the resistance level of $105,700, or even reach a lofty target of $119,000.