Bitcoin's recent surge to an all-time high of $123,000 has raised concerns about overbought conditions, according to analyst PlanB. The creator of the Stock-to-Flow model noted that Bitcoin's Relative Strength Index (RSI) is approaching 75, a level that has historically preceded further increases in past bull markets. Currently, Bitcoin is trading at $118,365 with a market cap of $2.3 trillion. Analysts suggest a potential short squeeze could occur, with critical price levels at $120,000 and $115,000. The market remains bullish but is nearing overheated territory, indicating possible corrections. A rising wedge pattern on the daily chart suggests a potential bearish reversal, with a breakout above $123,000 potentially driving prices higher, while a fall below $115,000 could lead to a sharper correction.