By the time this piece was written, Bitcoin had reverted to a value of less than $70,000. This week is expected to be volatile, with the value expected to reach around $65,000. Specifically, BTC is listed at $68,277.90, surging 4.94% in the last 24 hours. Bitcoin is back at center stage again as it has bounced back to this margin after trading above $72,000.
Slide after initial support: price changes throughout the week
The BTC value of around $68,000 reflects a 3.10% decline over the past seven days. Since the number is less than $70,000, the line on the graph is almost red. Only after March 15, 2024, did the coin lose momentum. BTC closed the market close to $66,000 on March 16, 2024. In the last 48 hours, its value has approached $65,000. The support level continues to be marked at $60,000.
Analysts believe a drop below that mark could potentially open the door for a further plunge in value. Two factors are likely to have this kind of effect. First, investors want to take profits before the market falls. Second, Grayscale still sells its products to platforms like Coinbase and Binance.
The market was able to maintain its broader upward trend as traders remain optimistic about future moves. Also inspiring confidence are the continued inflows into the Bitcoin ETF.
Halving is just around the corner and is expected to trigger the next bull run, solidifying predictions that BTC will finish the year at $100,000. According to several analysts, real money has not yet entered the Bitcoin ecosystem. Tightening allocations could lead to a surge in liquidity, pushing prices higher.
Many analysts also said the inflation story was playing its part, adding that Grayscale could sell more than usual. Grayscale is believed to have transferred nearly $400 million worth of BTC to its custodian, Coinbase. Historical context highlights that Grayscale moved $2.2 billion worth of BTC tokens in a matter of days.
Bullish vs. Bearish Sentiment: Analyst Forecasts and Market Jitters
Crypto analyst Willy Woo believes that the price of Bitcoin will plummet in March, triggering a SOPR high later on. March could be the month of consolidation for Bitcoin to hold onto its last ATH levels. Willy also highlighted that SOPR (Spent Output Profit Ratio) will peak. buy the dip It provides opportunities for traders to participate or accumulate tokens. they are sure BTC remains below $80,000 We end all of March, or at least this month, below $80,000.
There are two previous instances where BTC presented downside opportunities. This occurred in the fourth quarter of 2020 and the first quarter of 2017. Downside chances were -17% and -31% respectively.
The decline in prices last week may have been caused by other factors such as profit-taking, market uncertainty and inflation concerns, which may make it less likely that the Federal Reserve will cut interest rates any time soon. Cryptocurrency markets are also more prone to owning meme coins such as BOME and Book of Meme.
Outlook: What’s next for Bitcoin?
Here is the halving tentatively scheduled to occur in April 2024: This causes supply to decrease and prices to rise. Additionally, Bitcoin could remain around $69,000 or rise up to $80,000 depending on volatility.
conclusion
Bitcoin has experienced volatility over the past week, with waves continuing to hammer the token for some time. Bear market buying opportunities don’t exactly come with a tagline. Therefore, it is advisable to divert your funds to the cryptocurrency market based on your risk assessment.