March 27, 2024
Bitcoin's at $71,316, Analyst Predicts Significant Price Move
Bitcoin price today

Bitcoin’s at $71,316, Analyst Predicts Significant Price Move

Thursday, March 14, 2024: Bitcoin price is at $71,316, experienced a brief downturn in its price, dropping to $70,837 as reported by data from Markets Pro and TradingView. However, this setback was followed by a notable recovery, with Bitstamp marking a new high at $73,794.

BTC/USD 1-hour chart. Source: TradingView

Despite the temporary decline, Bitcoin showcased its resilience by swiftly rebounding before the opening of Wall Street. Renowned trader and analyst Rekt Capital highlighted Bitcoin’s ability to consistently retest previous all-time highs as a supportive factor, further bolstering bullish sentiment within the market.

BTC/USD 1-week chart. Source: Rekt Capital/X

The ongoing excitement surrounding Bitcoin’s supply dynamics was palpable, particularly with the spotlight on the impact of spot Bitcoin exchange-traded funds (ETFs) in the United States. Farside, a UK-based investment firm, disclosed significant net inflows of $683.7 billion into these ETFs on March 13, surpassing outflows from the Grayscale Bitcoin Trust (GBTC). This notable shift in momentum favored bulls, a sentiment echoed by statistician Willy Woo and ARK Invest’s CEO Cathie Wood, who emphasized the nascent stage of institutional adoption of ETFs and their potential market impact.

Bitcoin ETF flows (screenshot). Source: Farside

Forecasts indicate that institutions and wealth management platforms are poised to initiate proper allocations following comprehensive due diligence processes. Notably, MicroStrategy, a leading tech firm renowned for holding the largest public company Bitcoin treasury, announced plans to acquire more than 1% of the total BTC supply. With its current holdings of 205,000 BTC, MicroStrategy aims to invest an additional $500 million, thereby surpassing the 210,000 BTC threshold.

Bitcoin Network Flows. Source: Willy Woo/X

Amidst uncertainties surrounding Bitcoin’s short-term price momentum, bullish sentiments remain prominent. Charles Edwards, the founder of Capriole Investments, expressed optimism regarding BTC/USD experiencing further upside potential. He emphasized the significance of recent ETF inflows in providing consistent support for Bitcoin’s price action, suggesting that sustained inflows could help mitigate market dips.

Source: https://twitter.com/hodlonaut/status/1768013689062371814

In a broader context, Edwards remarked on the evolving landscape of Bitcoin investment, indicating that the window for acquiring undervalued Bitcoin had passed. He underscored the commencement of a new chapter marked by increased institutional participation and a maturing market environment, representing a significant shift in the cryptocurrency landscape.

Image by Miloslav Hamřík from Pixabay

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