The Top Analyst Who Predicted the Crash Says Bitcoin (BTC) Price Will Now Reach $140 Thousand
Bitcoin price surged from $67,000 to over $70,000 in just a few hours on Monday, triggering a broader recovery in the crypto market. While the global crypto market has recovered and the Bitcoin price has moved mostly sideways on Tuesday, trading volumes have fallen below $61,000, only marginally higher compared to trading volumes before the crash.
parofix previously reported that there was huge bullish sentiment among derivatives investors despite the sell-off and the expectation that the BTC price would reach $76,000 before the end of March.
Is This Recovery a Signal of Another Bitcoin ATH?
best analyst Markus ThielenThe CEO of 10x Research has moved from bearish to bullish, giving investors the green light to buy Bitcoin and Ethereum in a new report. BTC price increased by more than 6% due to renewed optimism. He was one of the first few analysts to correctly predict the recent crash below $63,000.
He added that three indicators of a BTC price reversal are bullish, but these indicators will be invalid if Bitcoin trades below $68,000 due to market volatility before the end of the month. Historically, Bitcoin witnessed a rise of 315% in 2012-2013, over 100% in 2016-2017, and 129% in 2020-2021. If a triple-digit rally prevails in this Bitcoin halving, BTC price will reach $140,000.
Moreover, the formation of an inverted head-and-shoulders formation and a break above $68,330 indicates a move above $73,000.
“We would prefer Bitcoin to consolidate for a few more days as this would allow our reversal indicators to reach screaming buy levels. “Still, as we entered the end of the quarter, we suspected that Bitcoin would start the week with an aggressive rise,” Thielen said.
Bitcoin ETF Entry Continues
Markus Thielen also predicted a reversal in inflows into Bitcoin ETFs and a strong BTC price rally above the psychological $70,000 level. But he warned that the real test will come on Thursdays and Fridays because these mark the end of the quarter.
Nine spot Bitcoin ETFs once again recorded net positive inflows on Monday. Fidelity Bitcoin ETF (FBTC) saw an inflow of $261 million, outpacing BlackRock Bitcoin ETF (IBIT)’s inflow of $35 million. Additionally, outflows from Grayscale Bitcoin ETF GBTC remained strong at $350 million.
BTC Price Breaks Above Important Levels
CME #Bitcoin Open positions reached a record level of $11.71 billion.
pic.twitter.com/eNFD8QamQC
— CoinGlass (@coinglass_com) March 26, 2024
In his new post on X, analyst Ali Martinez predicted that BTC price could rise as it breaks out of an ascending triangle on lower timeframes. As long as the $70,400 support holds, BTC price could reach $71,800.
BTC price has increased by 6% in the last 24 hours and the price is currently trading at $71,083. The 24-hour low and high are $66,795 and $71,535 respectively. Additionally, the transaction volume increased by 50%, indicating increased interest among traders.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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