Bitcoin price rose from $67,000 to over $70,000 in just a few hours. Thus, triggering a broader recovery in the crypto market. Bitcoin price was mostly up on Tuesday as the global crypto market recovered. Trading volumes increased only marginally compared to trading volumes before the crash below $61,000. Experts had previously reported that there was a 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. Meanwhile, a critical Bitcoin prediction came from an analyst.
Bitcoin prediction attracted attention: 140 thousand dollars!
Top analyst Markus Thielen, CEO of 10x Research, gave investors the green light to buy Bitcoin and Ethereum in a new report. Thus, it changed from a downward trend to an upward trend. 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 noted that three indicators of a BTC price reversal point to an uptrend. However, he added that 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 inverse head-and-shoulders formation and a break above $68,330 is noteworthy. Because it indicates a movement above $ 73,000. Thielen said:
We would prefer Bitcoin to consolidate for a few more days. Because this would allow our return indicators to reach buy levels. Still, as we entered the end of the quarter, we suspected that Bitcoin would start the week with an aggressive rise.
Bitcoin ETF entries continue
Markus Thielen also expects a rebound in inflows into Bitcoin ETFs. He also predicted a strong BTC price rally above the psychological $70,000 level. But he warned that the real test will come on Thursday and Friday. Because these days 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.
On the other hand, analyst Ali Martinez predicted in his new post on X that BTC price could rise as it breaks out of an ascending triangle on lower time frames. According to the analyst, as long as the $70,400 support holds, BTC price may reach $71,800. cryptokoin.com According to data, 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 50% increase in trading volume shows that the interest among traders has increased.
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