As Bitcoin surged past $89,000 today, reaching new heights, the cryptocurrency market is witnessing warning signs of increased volatility. Notably, Bitcoin hit an all-time high of $89,956 today, marking the culmination of eight consecutive days of upward momentum, during which its value advanced by approximately 35%. This impressive rally has propelled Bitcoin to become the eighth most valuable asset in the world , surpassing silver.However, market watchers are expressing concern about the short-term outlook amid the ongoing upswing, warning of the potential for significant price corrections as well as further surges.Ki Young Ju, the founder of the analytics platform CryptoQuant, highlighted this dynamic in a post on X today.Bitcoin Seeing Thin Order Books, Signaling “Easy Up, Easy Down” PhaseYoung Ju pointed to data showing that Bitcoin's current price discovery phase could be marked by dramatic swings. Specifically, he noted that order books are unusually thin at these record-high levels due to a lack of established support and resistance levels. This situation sets the stage for what he describes as an “easy up, easy down” scenario.CryptoQuant’s data illustrates how Bitcoin has previously moved sharply through certain price ranges with minimal volume, particularly during the last bull cycle. For example, during previous rallies, Bitcoin saw price jumps within the $20,000–$22,000, $24,000–$26,000, and $41,000–$43,000 ranges, where low liquidity allowed the price to escalate with little resistance. Source: CryptoQuant Now, with almost no trading volume above the $72,000 mark , Bitcoin's path to new highs could be similarly volatile. The lack of strong volume at these higher levels suggests the market remains in a price discovery phase, where the absence of clear support and resistance levels makes sudden price movements more likely.Essentially, this means Bitcoin’s climb above $89K could experience both quick gains and rapid pullbacks as the market navigates unfamiliar territory.Already, since reaching its peak of $89,956 today, Bitcoin's price has declined and briefly dropped as low as $85,500 before stabilizing above $86,200 at press time. Meanwhile, market participants expect the current bull trend to push Bitcoin to $100,000 before a major correction sets in.Robert Kiyosaki Suggests Taking Profit from Bitcoin at $100KIn a tweet today, finance expert Robert Kiyosaki remarked that, with Bitcoin above $88K, he intends to continue buying until it surpasses $100,000, after which he would stop, advising against greed. “Always remember… hogs get fat, pigs get slaughtered. Don’t be a pig,” he warned . This suggests that investors should take profit and be cautious once Bitcoin reaches the $100K threshold.
