The market value of the largest cryptocurrency Bitcoin (BTC) has seen a notable recovery in the last few hours, climbing from the $67,000 level to above $70,000, and this rise has led to increased optimism across the market. After a period of downward movement and predominantly sideways trading, Bitcoin has gained significant strength today from an increase in trading volume. Investors are now trying to predict the next move of the largest cryptocurrency.
Analyst Who Predicted Last Drop Signals Green for Bitcoin and Ethereum Purchases
The CEO of 10x Research, renowned analyst Markus Thielen, has turned his expectations from bearish to bullish, signaling a green light for Bitcoin and Ethereum (ETH) purchases in a new report. Thielen, who accurately predicted the last market crash, now believes that three bullish indicators point to a target level above $73,000. The analyst also considers that if historical patterns hold true, Bitcoin could rise to as high as $140,000.
Thielen also added that he expects a revival in entries into spot Bitcoin ETFs, citing increased optimism and the strong price rally above the psychological barrier of $70,000. However, he warned that the market’s strength could face a significant test towards the end of the quarter, especially on March 28 and 29.
Data from the past week shows that nine spot Bitcoin ETFs in the US, which faced negative inflows, recorded net positive entries again on March 25, with Fidelity’s spot Bitcoin ETF FBTC leading with a net inflow of $261 million, surpassing BlackRock’s spot Bitcoin ETF IBIT. In contrast, outflows from Grayscale’s spot Bitcoin ETF GBTC continue to be negative, amounting to $350 million.
Famous Analyst Comments on Bitcoin’s Potential Rise
Experienced cryptocurrency analyst Ali Martinez, who analyzes the price movements of BTC, suggests that the largest cryptocurrency is trying to break out of a rising triangle formation on lower time frames, and this breakout could lead to further increases. Martinez forecasts that as long as the price remains above the support level of $70,400, Bitcoin could potentially reach and surpass the $71,800 level in the short term.
Currently trading around $71,000, Bitcoin’s recent 6% increase in price is part of the growing optimism in the market. A 50% increase in trading volume also indicates renewed interest among investors closely monitoring the price movements of the largest cryptocurrency.
