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Bitcoin price has reached an all-time high (ATH) level in currencies like the Euro and Pound, even surpassing the BTC market value’s historical peak. Despite not hitting $69,000 due to the increased circulating supply, the market value has exceeded its November 2021 peak. So, what’s next for BTC, which has risen to $67,000 today? What do the experts think?
Bitcoin (BTC) Expert Opinions
If it increases by another 10%, BTC’s market value will surpass Silver, becoming the world’s eighth most valuable asset. SHIB has surged by 54% today, doubling the price of many altcoins and reminding us of the bullish days with ongoing rallies.
The on-chain analysis platform CryptoQuant’s Venturefounder shared his views on the latest market movement. According to him, although Monday whet everyone’s appetite, the week is just starting, and the remaining part will be challenging. Let’s make a note that on Wednesday and Friday, we will see critical data from the US, such as employment and wage increases. For now, there are a few who think the Fed won’t cut interest rates in 2024. If this week’s data is bad again, this minority may continue to grow.
“Nearly a 1% funding rate and $31 billion in open interest. Today is easy, the rest of the week will be tough.”
Keith Alan, co-founder of Material Indicators, said the following;
“From the ATH, we see the formation of a classic Cup and Handle pattern on the macro chart. To form this pattern, we need to see some sort of pullback from the double top at the ATH. Technically, whether the correction is 3% or 30%, it’s not important as long as a handle is formed. I must say that this thought is quite predictable, and therefore the market, which likes to punish as many over-leveraged traders as possible, may not give us an easy trade. With this in mind, I’m looking at a return to the macro channel as a potential rejection point. Currently, this range is between $74,000 and $75,000, but if it takes some time to reach, this line will rise.”
Spot Bitcoin ETFs
The markets have only been open for a few hours, but BlackRock’s spot Bitcoin ETF, IBIT, has already surpassed the $1 billion trading volume threshold. Despite increased outflows from the Grayscale Bitcoin Trust (GBTC), the upward movement of the BTC price is notable, as we saw an outflow exceeding half a billion dollars. Outflows, which significantly decreased in the second half of February, reversed in March, surpassing half a billion dollars on March 4th.
GBTC investors represent those who entered the market relatively early, so their profit-taking is not a major issue. The real problem would be if rapid profit-taking starts in the opposite direction of ETF inflows, but for now, no one wants to think about the descent as we seem to be climbing the peak in demand.
