Bitcoin hit an all-time high once again on March 14. Moreover, it broke a new record of $73,794. In particular, the increasing influence of the United States on the buying side of spot Bitcoin exchange-traded funds (ETFs) and the plans of large companies such as MicroStrategy to increase their Bitcoin reserves are among the factors supporting Bitcoin’s rise. However, technical analysts note that Bitcoin’s rising wedge pattern predicts a potential price pullback. Here are the critical Bitcoin predictions and details…
Bitcoin price created excitement: What’s next? Top of FormBitcoin price excitement
Bitcoin hit an all-time high once again on March 14, and expectations for a BTC price increase grew even greater. Data detected a new record of $73,794 on Bitstamp. Bitcoin rebounded strongly overnight, erasing the weakness seen before the previous Wall Street open. Popular trader and analyst Rekt Capital stated the following about the recent events on X:
Bitcoin fell once again this week, successfully retesting former All-Time Highs as support.
Excitement around supply trends around the same day centered on the United States’ impact on the buy side of spot Bitcoin exchange-traded funds (ETFs). These saw net inflows of $683.7 billion on March 13, according to data collected by UK-based investment firm Farside. This has significantly outpaced Grayscale Bitcoin Trust’s (GBTC) intraday outflows and turned the supply squeeze momentum firmly in favor of the bulls.
Willy Woo announced his Bitcoin prediction
Reacting to these developments, statistician Willy Woo, creator of Bitcoin data source Woobull, described institutional products as “still in their infancy” and echoed sentiments from Cathie Wood, CEO of ARK Invest, an ETF provider. An accompanying chart shows overall Bitcoin network inflows, with ETFs identified as a small dark green patch.
Another interesting news for hodlers was that technology firm MicroStrategy, a publicly traded company that currently owns the largest Bitcoin trove, is planning to collect more than 1% of the total BTC supply. MicroStrategy currently holds 205,000 BTC and aims to spend $500 million to raise that figure above the 210,000 BTC threshold.
Capriole Investments’ Charles Edwards: Bitcoin “poised for a big move”
Bull calls remained vocal throughout the day, along with some concerns that BTC price action could maintain its current momentum. Among the optimists was Charles Edwards, founder of quantitative Bitcoin and crypto asset fund Capriole Investments, who predicted a new rise for BTC/USD soon. Edwards noted that the “deep value” era of Bitcoin dip buying has come and gone:
That ship has sailed. You had 2 years to buy Bitcoin below its value. Instead, an exciting new chapter has begun.
Bitcoin forecast for decline: There is a possibility of a pullback
Bitcoin’s rising wedge pattern suggests potential for a price pullback, according to crypto analyst Josh Olszewicz. The cryptocurrency’s 10-day exchange rate has diverged from rising prices. A significant price pattern has emerged on Bitcoin’s price chart, signaling a possible pullback. The cryptocurrency has risen from lows of $60,000 to new record highs of over $70,000 in the last two weeks. The rise has taken the form of a “rising wedge”, which is a bearish pattern according to technical analysis theory. Crypto analyst and trader Josh Olszewicz explained in his statement the possibility of a typical bull market pullback. He also said:
Normally rising wedges result in bull market retracements. Other indicators, such as the 10-day rate of change, have diverged from rising prices, indicating a downward momentum is building. Retracements of 20% or more were common in the 2017 and 2020-2021 bull markets.
Adam Back: There is quiet enthusiasm
On the other hand, Adam Back recently noted that Bitcoin’s rise to its all-time high of $73,737 was met with quiet enthusiasm. According to Back’s observations shared on social media, the lack of “bull market enthusiasm” is due to Bitcoin’s $100,000 price appearing to be “overdue.”
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