Bitcoin (BTC) price is poised to close in a monthly candle above its 2021 all-time high (ATH). This development strengthens the expectation that BTC, which has entered the price discovery phase of the macro bull run, will continue its upward trend in the long term. This activity in the market attracts attention, especially with about three weeks left until the highly anticipated Bitcoin halving event.
This upward trend in Bitcoin’s price shows that confidence in the market is increasing and investors remain interested in cryptocurrencies. Major events such as the Bitcoin halving often increase demand in the market and push prices higher. However, although there may be short-term fluctuations, Bitcoin’s long-term potential still looks quite high.
In parallel, last week, Bitcoin whales increased their accumulation speed as of Monday, after taking a break. More than $940 million was withdrawn from crypto investment products last week, led by Bitcoin, according to CoinShares’ latest weekly report. However, market data provided by Santiment shows that Bitcoin whales have accumulated more than 100,000 BTC (about $7 billion) in the last seven days. This could be an important sign of how major players view market activity.
Bitcoin Whales on the Move
Bitcoin whales increased their accumulation speed as of Monday, after taking a break last week. More than $940 million was withdrawn from crypto investment products last week, led by Bitcoin, according to CoinShares’ latest weekly report. However, market data provided by Santiment shows that Bitcoin whales have accumulated more than 100,000 BTC (about $7 billion) in the last seven days.
Investors are Optimistic
Additionally, the cryptocurrency market has been going through an important period recently, with leading indices such as Gold and S&P 500 reaching historical highs. In particular, the high correlation of cryptocurrencies and other asset classes becomes a noticeable factor during this period. The strengthening of relationships between traditional asset classes such as gold and S&P 500 and cryptocurrencies increases investors’ interest in cryptocurrencies to diversify their portfolios.
📊 #Crypto traders normally hope that #Bitcoin and other assets carve their own market performance path, without reliance on #equities or other sectors. But for a change, the crowd has been suggesting that the strong #AllTimeHigh levels from the #SP500 oath #gold are creating a… pic.twitter.com/BfzzN3W9k5
NEWS CONTINUES BELOW— Santiment (@santimentfeed) March 27, 2024
Additionally, the correlation between Bitcoin, the altcoin industry, precious metals, and stock indices remains high as institutional investors embrace the mainstream web3 sector.
Notably, Bitcoin’s funding rate ratio rose to a two-week high, signaling an imminent uptrend.
Price Estimate
With all the factors highlighted above, there is a reasonable chance that Bitcoin price will reach a new ATH before the end of this month. According to technical analysis by popular analyst Ali Martinez, Bitcoin price is currently poised to break out of the bull flag pattern. This pattern indicates that the price tends to continue rising following a period of consolidation. If this pattern is broken, a significant upward move is usually expected.
#Bitcoin appears to be breaking out of a bull flag on the 4-hour chart! if $BTC holds above $70,000, we could see a surge of nearly 10% to a new all-time high of $77,000! pic.twitter.com/MPVB70p9DU
— Ali (@ali_charts) March 28, 2024
Martinez’s to your prediction According to Bitcoin price, it could rise by around 10% to $77,000 after breaking the bull flag pattern. This is significantly higher than Bitcoin’s current price levels and could signal a major move in the cryptocurrency market.
As a result, the possibility of Bitcoin reaching a new ATH (all-time high) before the end of this month looks reasonable based on technical analysis by analyst Ali Martinez. However, due to the nature of markets, there are always uncertainties and such predictions are not guaranteed.
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