Bitcoin Approaches $ 58,000: Should We Talk About Market Overheating?

The bitcoin rate (BTC) continues to periodically update highs this week.

The coin not only broke above $ 50,000, but was able to add more than $ 7,000 in price over the past few days. On Sunday, February 21, the BTC rate reached $ 57,822. The capitalization of the largest cryptocurrency now exceeds $ 1.077 trillion.

According to many analysts, there are no signs of market overheating yet. For example, Bloomberg strategist Mike McGlone believes that after breaking the $ 50,000 milestone, Bitcoin should reach $ 100,000.

Another so-called "bitcoin bull" Tim Draper is confident that soon we will see $ 250,000 for BTC. He tweeted that he expects such a surge in cryptocurrency by the end of 2022.

The Santiment team pointed to the important $ 56,286 mark that Bitcoin picked up amid record high network activity. The cryptocurrency will be able to reach $ 60,000, but for this it will need more serious support, which is clearly lacking, analysts stressed.

Less optimistic are experts at WhaleMap, a team that analyzes the behavior of "whales". They believe that a massive move by large players to take profits may signal overheating. Therefore, the probability of a rollback is now very high.