In the early hours of Saturday, we had written that the weekend BTC price could reach $70,000 from below $68,000. As expected, the Bitcoin price rose to $69,652 and continues to find buyers near the 24-hour high as this article is being prepared. We saw double-digit gains in some altcoins due to this turnaround. So, what happens now?
Bitcoin (BTC)
BTC, the largest cryptocurrency by market value, has returned to $70,000 as expected. Moreover, with this rise, altcoins have started to aim for new highs. Although Friday’s spot Bitcoin ETF data was not great, it indicated that the recovery in demand continues. On the other hand, the cessation of Genesis’s GBTC sales was another reason for optimism for the rise.
However, the market is expected to continue to be nervous about the inflation data for March coming on Wednesday. The data from the first two months did not panic Fed members, but the continuation of high inflation figures will be a negative event for the interest rate cuts postponed to the second half of the year.
Looking on the bright side, if inflation falls in March and shakes off the rise in sentiment from the beginning of the year, it could support the expectation of interest rate cuts, potentially triggering another rise as of Wednesday. This could quickly whet investors’ appetite due to reasons such as a long time until the next Fed meeting and days remaining until the halving.
Bitcoin and Crypto Predictions
Volumes dropped by 30% as a weekend classic, but BTC returned to its levels from the previous week. For ETH, reclaiming the $3,400 level is crucial, and if the recovery continues, the movement towards $3,700 and $4,000 may persist. For BNB, the key level is, as we have repeatedly mentioned, closing above $595. SOL Coin reclaimed its key support at $181, and with the continuation of positive sentiment in the market, it could return to $205.
XRP Coin is maintaining $0.61 as resistance while the DOGE price has reclaimed the $0.18 support and could reach $0.23. AVAX price is still below the $50 breakout area, and BCH is close to the $700 limit as we are in a bull market despite the halving.
Turning back to the BTC price, the support at $64,500 being maintained and the bounce from there targeting $70,000 points to $71,700. If the rise continues, after $73,777 and $76,000, a rally towards $80,000 could extend. It is likely that the BTC price will enter this route if the inflation data comes in low.
