Is it the time to buy Bitcoin? $170,000 setup looks like “a ticking time bomb”

Is $170,000 still a valid projection when Bitcoin derivatives show concentrated open interest at $140,000, or is the market setting itself up for another correction?

Bitcoin climbed to $110,400 on Jun. 11 after fresh U.S. inflation data showed prices rising at a slower pace than expected. The report raised hopes that the Federal Reserve may have more room to lower interest rates in the coming months, a potential tailwind for risk assets including BTC.

As of Jun. 12, Bitcoin is trading near $107,000. That’s about 4.5% below its all-time high of $111,970 reached on May 22.