Bitcoin Continues Bullish Momentum and Sets New Monthly High
Bitcoin (BTC) has started the month of March on a positive note, with its price surpassing the $60,000 support level and achieving the highest monthly close since October 2021. This momentum is driven by various bullish factors, including the upcoming halving and the strong performance of exchange-traded funds (ETFs). Market experts believe that this rally will likely continue its upward trend. In fact, crypto trading expert Trading Shot predicts that Bitcoin is poised to reach a new all-time high before the next halving based on technical indicators and historical patterns.
Technical Analysis Points to Potential All-Time High
Trading Shot highlights that Bitcoin broke the 0.382 Fibonacci level on the weekly chart in early February for the first time since June 2022. This development is crucial in cyclical terms and draws parallels with previous cycles. By applying the Fibonacci Channel to the last two cycles, Trading Shot notes that every time Bitcoin surpassed the 0.382 Fibonacci level in the past cycle, it also hit the 0.5 Fib level. This pattern has occurred twice before and holds significance. The analyst estimates a maximum of eight weeks for Bitcoin to hit the 0.5 Fib level again, with a target week of April 1, 2024. If this pattern repeats exactly, Bitcoin could reach $81,000 during this period.
Key Takeaways:
- Bitcoin’s price has surpassed $60,000 and achieved its highest monthly close since October 2021.
- The rally is supported by bullish factors such as the upcoming halving and strong ETF performance.
- Trading Shot predicts that Bitcoin will reach a new all-time high based on technical analysis.
- Historical patterns suggest that Bitcoin could hit the $81,000 level by April 1, 2024.
Market Ready for Parabolic Rally
Furthermore, Trading Shot suggests that the cryptocurrency market may be entering the most aggressive phase of the current cycle. The 1W CCI indicator indicates that this cycle’s most aggressive part, the Parabolic Rally, is just beginning. This bullish sentiment aligns with the significant demand for Bitcoin ETFs, as investors increasingly bet on BTC reclaiming its record high of $69,000. The cumulative spot Bitcoin ETF volume reached an all-time high of $73.91 billion on March 1, contributing to Bitcoin briefly touching $64,000 before retracing slightly below $62,000.
Key Takeaways:
- Trading Shot suggests that the cryptocurrency market is entering a bullish phase.
- The Parabolic Rally, characterized by strong price increases, may be underway.
- Investors are showing significant demand for Bitcoin ETFs.
- The cumulative spot Bitcoin ETF volume reached a record high of $73.91 billion.
Bitcoin Price Analysis and Cautionary Note
Currently, Bitcoin is valued at $61,769 with daily gains of almost 1%. Over the past seven days, it has rallied by 20%. While there is a consensus among experts that Bitcoin will continue to rise in value, caution is warranted. The asset may experience a correction, especially if there is increased profit-taking in the market.
Key Takeaways:
- Bitcoin is currently priced at $61,769 with daily gains of almost 1%.
- The asset has experienced a 20% rally over the past seven days.
- Investors should be cautious as Bitcoin may undergo a correction.
Hot Take: Bitcoin Poised for New All-Time Highs
Bitcoin’s recent price surge and its potential to reach new all-time highs have sparked excitement in the crypto market. Technical analysis and historical patterns indicate that Bitcoin could surpass the $81,000 level by April 1, 2024. Additionally, the market sentiment suggests that the current cycle may be entering its most aggressive phase, known as the Parabolic Rally. However, investors should exercise caution as profit-taking and corrections are common occurrences in the crypto market. Overall, Bitcoin’s positive momentum and strong market demand indicate a potentially bright future for the leading cryptocurrency.
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