• Bitcoin was in the overvalued zone at press time. 
• If a price correction occurs, BTC might plummet to $66K. 

Bitcoin’s [BTC] price registered a sharp uptick, causing it to inch towards $70K at press time. However, there is a possibility of a slight correction before the start of another rally.

So, AMBCrypto checked BTC’s metrics to find whether its price will face a correction soon. 

Bitcoin’s heads towards $70K

According to a tweet by Captain Faibik on the 9th of March, BTC could rise another 10% if it manages to cross the $69 mark.

To corroborate this information, AMBCrypto checked Bitcoin’s price via CoinMarketCap. We found that BTC was up by nearly 2% in the last 24 hours.

At press time, BTC was trading at $69,515.98 with a market capitalization of over $1.37 trillion.

However, AMBCrypto’s analysis also revealed that there were chances of BTC witnessing a price correction in the short term. 

Things look bearish for Bitcoin 

Notably, BTC’s Network Value to Transactions (NVT) ratio registered a sharp uptick in the last few days.

For the uninitiated, the NVT ratio is computed by dividing the market cap by the transferred on-chain volume, measured in USD.

Whenever it rises, it suggests that the cryptocurrency in question is priced at a premium, hinting at a possible correction. 

A few other metrics also looked bearish on t

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Author: Dipayan Mitra

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