Goodbye to the dark clouds that darkened the bitcoin sky after its new ATH on March 5. It seems that the queen of cryptocurrencies has regained her shine, once again flirting with $68,000. And the bullish sentiment that accompanies it is spreading more and more.
Bitcoin: An expected rise… and corrected
On March 5, the world held its breath as bitcoin reached a new record at more than 69,170 dollars, before undergoing a severe correction bringing it below $61,000. Everyone had their own analysis: the sudden fall was attributed to the high volatility linked to speculation surrounding the bitcoin halving scheduled for next April.
However, volatility does not always mean falling prices. If the correction to $61,000 has slightly worried investors, the latest statistics should rather rejoice them. Over the past 24 hours, bitcoin has returned to highs with an increase of 1.35%, its price never falling below $65,655.53, specifies CoinGap.
After a wait of more than two years, bitcoin finally returned to its historic peak last Tuesday. A favorable conjunction was necessary: theboom in bitcoin purchases by BTC ETF issuers such as BlackRock, Fidelity, and a drastic reduction in circulating supply. This rise has made all BTC addresses profitable, according to analysts at IntoTheBlock (ITB).
Following the correction to $61,440, bitcoin has repeatedly attempted to resume its ascent. However, investors who had already made profits at the ATH were reluctant to reinvest in the cryptocurrency. Despite this, BTC managed to stay above the psychological threshold of 61,000 dollars.
Currently, bitcoin seems to be recovering, flirting with $68,000. While the main focus is on price, the influence of spot Exchange Traded Funds, notably those from BlackRock, should not be underestimated. This sustained accumulation of bitcoins by institutional investors justifies the recent correction and suggests an imminent recovery of the flagship cryptocurrency.
Anticipation: High altitude forecasts
All eyes are turning to bitcoin as market experts’ projections multiply. Robert Kiyosakiauthor of “Rich Father, Poor Father”, targets $300,000 by the end of the yearwith a stop at $100,000 by June.
Other leading figures, such as Ark Invest’s Cathie Wood and Jan3’s Samson Mow, are eyeing even more dizzying heights, of up to $600,000 and $1.5 million, respectively.
The upcoming bitcoin halving is expected to be a major catalyst, fueling growing demand for spot BTC ETFs. With supply halved, the expected squeeze could send the price of the cryptocurrency, which is already dominating its short- and long-term moving averages, skyrocketing.
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