Odaily Planet Daily News Analysts pointed out that Bitcoin recently hit a record high of $112,000 and then fell back to below $105,000, raising doubts in the market about whether the $150,000 target can be reached by the end of the year. Technical analysis shows that the weekly chart of Bitcoin shows a bearish RSI divergence similar to the top of the 2021 cycle, suggesting that it may face a correction of more than 50%, with a target price of about $64,000. Veteran trader Peter Brandt warned that Bitcoin needs to return to the parabolic trend line, otherwise it may end the current bull market cycle. However, some analysts are still optimistic about Bitcoin and believe that if the on-chain indicator NUPL/MVRV ratio breaks through 1.0, the price is expected to rush to the $150,000-175,000 range. Bitcoin is currently looking for direction around $105,000. (Cointelegraph)