Bitcoin is currently encountering resistance at its yearly high of $35,000 after experiencing a series of volatile price swings in recent days. Given its historical price behavior following sudden surges, there is a sense that a retracement could be on the horizon.

Nonetheless, some crypto analysts are highlighting that Bitcoin is presently trading at an elevated premium. This indicates that its current price is inflated due to heightened enthusiasm and media attention. Data from crypto behavior analytics provider Santiment has shown that there is significant euphoria surrounding Bitcoin among social media users, and this euphoria has occasionally foreshadowed price declines for BTC.

MN Trading analyst Daan Foppen has cautioned that Bitcoin is currently trading at a notable premium, suggesting that the optimal time to buy is when it is discounted.

Analysts are recommending patience and waiting for the next dip before considering buying. The recent surge in Bitcoin's price can likely be attributed to investor FOMO (Fear of Missing Out) stemming from the anticipation of spot Bitcoin ETF approvals. The addition of BlackRock's iShares Bitcoin Trust to the DTCC website fueled this FOMO sentiment.

However, the sudden removal of the Bitcoin Trust listing from the DTCC website without explanation led to a period of consolidation and a pause in the price surge. Nevertheless, the listing has since been reinstated with slight modifications.

While Daan Foppen viewed the recent spike in Bitcoin's price as a positive sign for bulls, he cautioned that the cryptocurrency is "currently trading in a bearish monthly fair value gap (FVG)." Therefore, it is important to monitor the monthly closing price to gain insights into the next market direction following the ongoing consolidation.

Foppen believes that a monthly close above $31,800 would confirm the commencement of a longer-term bullish trend, whereas a close below this level would suggest that bears still exert control over the market.

According to Foppen, a prudent approach before buying Bitcoin is to wait for discounted prices at previous resistance levels. The analyst supported this analysis by sharing various BTC price charts across different timeframes.

Currently, Bitcoin is trading at a premium, signifying that its price is at the higher end of its usual range. However, given the cryptocurrency industry's volatility and relative immaturity, predicting future outcomes based solely on past performance can be challenging.

Despite a 22.30% increase in Bitcoin's price over the past seven days, the 24-hour trading volume has decreased by 27.48%, suggesting that the price surge may be beginning to stabilize. Nevertheless, there remains optimism for a substantial price spike in the near future.

Adam Back, CEO of Blockstream, holds the view that Bitcoin possesses the fundamental strength to surpass the $100,000 price point.