Bitcoin’s temporary bearish and consolidatory phase appears to be in the books as the largest cryptocurrency is now just 4% away from hitting a new all-time high.
After trading as low as $61,500 earlier this week, the Bitcoin price has bounced back up to $71k on Tuesday. BTC has surged by 10% over the past week and 6% on Tuesday itself.
With the macroeconomic fears quelled – at least for now after last Wednesday’s FOMC meeting – analysts believe that the BTC price could now push towards a new high and potentially even hit $80k before March.
Bitcoin’s bullish strength has also given a boost to BTC-based altcoins. For instance, a new crypto coin Green Bitcoin has raised over $9 million in its ICO and is being backed by analysts to generate 10x returns after its launch.
Bitcoin Price Bounces Back – Is The Pre-Halving Correction Over?
Owing to bad inflation data and the fear of an overheated market, crypto prices suffered a strong correction earlier this week, with BTC falling to $61,500.
As such, pre-halving corrections are common in Bitcoin. However, this phase now appears to be over, considering that the BTC price already witnessed a 17% retrace – falling from $73,700 to $61,500. The pre-halving correction in 2020 also saw a similar 18% pullback.
If this ends up being the end of the Pre-Halving Retrace…
Then Bitcoin will have almost equalled the 2020 Pre-Halving Retrace
Bitcoin pulled back -18% in this cycle whereas BTC retraced just over -19% in 2020$BTC #Crypto #Bitcoin pic.twitter.com/a6G92JbbmY
— Rekt Capital (@rektcapital) March 25, 2024
According to the data from CryptoSlate, Bitcoin experienced near-historic levels of profit realization during the recent downturn and is now set for more upside.
Indeed, the tide does seem to be shifting back in the favor of the bulls. After 5 consecutive days of net outflows, the spot Bitcoin ETFs saw a cumulative inflow of $15 million, with Fidelity recording a strong $261 million in inflows.
Similarly, Bitcoin’s MVRV ratio (Market Value to Realized Value) has fallen to 2.34 after the most recent BTC pullback. Typically, the Bitcoin price hits its peak when the MVRV ratio surges above 3. Therefore, its current value of 2.34 provides a lot of room for another strong Bitcoin price rally.
Bitcoin Price Prediction – Is $80k Next?
Analysts reveal that the Bitcoin price trajectory over the past few days strongly signals that a new all-time high is imminent. BTC formed a higher low, broke out of a descending broadening wedge and flipped the crucial resistance at $70,000.
Popular trader Doctor Profit, who has close to 300k followers on X, reveals that the BTC price could hit 76k -77k in the coming days.
Analyst Ali Martinez also highlights that as long as BTC continues to hold the $66,900 support level, it could reach the $73k mark in the next few days.
If #Bitcoin can break past $66,990, it will likely rise toward $72,880! pic.twitter.com/dZHZzNFIpq
— Ali (@ali_charts) March 24, 2024
In the lower time frame, Bitcoin is breaking out of a bullish ascending triangle. On the other hand, the Bitcoin price chart is still following the bullish megaphone pattern in the long term, which could see the largest cryptocurrency hit $180,000 in the next 12 months.
New Crypto ICO Green Bitcoin ($GBTC) Almost Sold Out
New altcoins, especially the ones that could emerge as beta bets on Bitcoin, are also in high demand.
A new crypto coin – Green Bitcoin ($GBTC) – has quickly raised over $9.25 million in its ICO. Its presale phase is extremely close to selling out. Analysts such as Cilinix Crypto believe that this new cryptocurrency could offer up to 10x returns after its launch.
Green Bitcoin aims to combine the legacy of Bitcoin with the modernity and the eco-friendliness of Ethereum. Being an ERC-20 token, it utilizes the proof-of-stake consensus mechanism, a much more energy-efficient model than Bitcoin’s proof-of-work.
Similarly, it introduces on-chain staking to the Bitcoin ecosystem. Investors can stake their $GBTC holdings in the presale itself and start earning passive income, currently at an APY of 74%. Over 63% of the Green Bitcoin tokens purchased in the presale have already been staked, which could lead to low selling pressure on the token after its launch.
Green Bitcoin’s staking program has another innovative twist, namely the Gamified Green Staking. In its second stage, investors can earn up to a 100% token bonus by correctly predicting Bitcoin price trends.
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