As interest and investments in cryptocurrencies continue to grow worldwide, Bitget’s research director Ryan Lee has shared his predictions for the crypto market in March 2024. In his report, Lee provides comprehensive forecasts about the potential price movements of Bitcoin (BTC) and Ethereum (ETH) for the upcoming period.
Bitcoin Could Rise to $69,000 in March
According to Lee, Bitcoin could experience an upward movement in March, potentially reaching between $60,000 and $69,000. He bases this prediction on Bitcoin’s recent uptrend, the upcoming fourth block reward halving, increased interest from institutional investors, and expectations of a mid-year interest rate cut by the Fed.
Lee also shared his expectations for a bearish scenario, noting that the major cryptocurrency‘s downward support zone lies between $48,000 and $52,000.
Furthermore, Lee mentioned that the trading volume of nine spot Bitcoin ETFs, which were launched and began trading in January with the approval of the U.S. Securities and Exchange Commission (SEC), reached new highs of $3.2 billion, boosting investor optimism in the crypto market.
Ethereum Could Reach $4,900
On the other hand, Bitget’s research director suggests that Ethereum‘s ETH could follow a similar momentum to Bitcoin and may test its highest price point of $4,300 from 2021 within the year.
Taking his predictions further, Lee suggests that based on past cycles, Bitcoin is likely to see significant growth within six months to a year and a half after the block reward halving, with ETH potentially following suit and reaching a historic high of $4,900 within the year.
In his analysis, Lee cites factors supporting the price increase of the largest altcoin including the momentum brought by various Layer 2 protocols, the acceleration of ETH assets being locked in protocols due to new staking projects, the upcoming Denison update, and expectations that a spot Ethereum ETF will soon be approved in the U.S.
