In the midst of the improving stock market conditions in 2024, the crypto market is also witnessing notable growth, led by Bitcoin (BTC) Price. Recently, bitcoin achieved a new milestone by reaching an all-time high of $69,050, showcasing a remarkable 52% year-to-date increase and an impressive 230% surge since its low in March 2023. As a key barometer for the crypto market’s direction, bitcoin’s movements have garnered significant attention, especially after surpassing its previous all-time peak established in November 2021. With Bitcoin’s recent upward trend and sustained momentum, there is speculation about its potential to continue rising, fueled by recent catalysts and anticipated developments. This article delves into the factors suggesting that Bitcoin could hit $70,000 before the halving event.
Bitcoin Price Market Performance
Bitcoin price current price is $66,859, which is a decrease of 2.4% in the last 24 hrs. Although there were fluctuations, BTC has experienced a price increase of 6.27% which has boosted its market capitalization to $1.31 trillion, and maintaining its first position according to CoinMarketCap. The digital gold has experienced low market activity demonstrated in its trading volume of $58.67B, a decrease of 41.81% in the past 24 hours. With a total supply cap of 21 million, Bitcoin, BTC has a market circulation of 19.65 million BTC. The cryptocurrency is just 3.19% away from its all-time high of $69,170.63, leading speculators to believe that it might hit $70,000 before halving.
Reasons Driving Bitcoin Price Towards $70,000 Mark
Let’s now discuss possible factors catalyzing the price movement of Bitcoin towards $70,000 before halving.
1. Bitcoin ETF Inflows Surge
The significant inflows into U.S.-listed spot Bitcoin ETF during the recent market dip demonstrate investor resilience and confidence. Despite the drop, ETF investors remained unmoved, seizing the opportunity to buy the dip. Data from BitMEX Research reveals that the ten new ETFs collectively received $648 million in net inflows, marking the largest daily allocation since their introduction on January 11. Notably, the BlackRock iShares Bitcoin ETF (IBIT) set a new daily record with $788 million in fresh investments, further boosting the fund by adding 12,600 BTC.
JUST IN: #Bitcoin ETFs register the largest net inflows of $648 million since day 1
Blackrock's ETF alone bought $788.3 million worth or ~12,400 #BTC in one day
That's Blackrock alone acquiring around HALF A MONTH’s supply in a single day! pic.twitter.com/OG2MZb2lHe
— Simply Bitcoin (@SimplyBitcoinTV) March 6, 2024
2. Fear and Greed Indicator
A Crypto Fear and Greed index is at 82, indicating extreme greed. This suggests that investors are highly optimistic and bullish about Bitcoin’s future price movements. This heightened sentiment often leads to increased buying pressure as investors rush to capitalize on potential gains, potentially driving Bitcoin’s price higher. With such strong market sentiment and a favorable outlook, Bitcoin could see continued upward momentum, potentially surpassing the $70,000 mark.
3. Bitcoin Technical Analysis
Based on the technical analysis of Bitcoin, several key indicators provide insights into its potential price movement. The Moving Averages (MA) exhibit a predominantly bullish sentiment, The MACD Level indicates positive momentum in the market. However, the Ichimoku Base Line remains neutral, reflecting a degree of uncertainty. The support levels provided by the pivot points further reinforce this bullish outlook, with the Pivot (P) level standing at $55,673, indicating a strong support zone.
Analyst Jelle points to the successful retest of the 4-hour 25EMA and the Relative Strength Index at 50, signaling an imminent breakthrough. With Bitcoin exhibiting a bullish divergence on lower time frames, a surge beyond $69,000 is anticipated, particularly with the US market opening soon. Analysts widely agree that Bitcoin will achieve a new all-time high against the dollar before the week’s end, sparking intense speculation about its subsequent trajectory.
#Bitcoin within inches of a new all-time high.
Rejected on its first attempt, but now retesting the 4h 25EMA & the RSI 50 level. Both tend to be good entries for a bounce.
$70,000 is a matter of time, and patience remains the name of the game. pic.twitter.com/UlAMJhgW5L
— Jelle (@CryptoJelleNL) March 5, 2024
4. Quick Bounce
Swissblock analysts predict that despite Bitcoin’s recent dip after reaching a new all-time high of $69,170, its quick recovery above $62,000 signals the start of a fresh uptrend targeting the $76,000 price level. Singapore-based trading firm QCP Capital echoes this sentiment, highlighting the impressive bounce and identifying strong support around the $60,000 mark. This bullish outlook reflects confidence in Bitcoin’s resilience and potential for further growth amidst the current market conditions.
Conclusion
The current movement of Bitcoin price suggests that it is poised to surpass the $70,000 mark before the halving event. Despite recent fluctuations, Bitcoin’s resilience and upward momentum remain strong, fueled by various factors. The surge in inflows into U.S.-listed spot Bitcoin ETFs during market dips indicates investor confidence and resilience. Additionally, the Crypto Fear and Greed index at 82, signaling extreme greed, further bolsters optimism for Bitcoin’s price movement. Technical analysis also supports this bullish outlook, with key indicators pointing towards continued upward momentum. Analysts predict a quick rebound after recent dips, with projections targeting the $76,000 price level. Overall, the stage is set for Bitcoin to achieve new milestones, driven by strong market sentiment and positive investor outlook.
The post Why Bitcoin Price Will Hit Above $70,000 Before Halving appeared first on CoinGape.
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