In recent weeks, Bitcoin (BTC) has followed a volatile course, falling below $61,000 and rising again above $67,000 after the FED meeting. Analysts state that this rise is spot-focused and the downward fear towards Ethereum (ETH) has also decreased. This news summarizes the market situation and analysts’ opinions on March 21, 2024.
Volatile course for Bitcoin: Samson Mow warned
Bitcoin (BTC) has been following a volatile trend in recent weeks. The price, which fell below $61,000, rose again to over $67,000 after the FED meeting. Analysts state that this rise is spot-focused and the downside fear for ETH has also decreased. Samson Mow, who particularly believes strongly that Bitcoin will soon reach a $1 million price level, made an important comment on the current outflows recorded by spot Bitcoin ETF providers. He warned the cryptocurrency community about a future reversal of events that he expected to happen.
The recent decline in inflows into spot Bitcoin ETFs, with yesterday experiencing the largest single-day outflows on record, has had a negative impact on the price. Net inflows, which peaked at $1,045 million on March 12, have decreased since then and spot prices have also fallen. A net outflow of $326.2 million occurred yesterday, causing BTC to fall to the low of $60,770.
Mow warns about Bitcoin ETFs Samson Mow, who has always been optimistic about the future of Bitcoin and its price increase, tweeted that he believes these withdrawals will eventually turn into inflows and advised the Bitcoin community to “plan accordingly.” Mow, while responding to multiple X accounts that recently tweeted that Bitcoin would likely fall lower as overall market sentiment doesn’t look very good, stated that the main driver for Bitcoin is “ultimate scarcity and unlimited demand.”
Taurus vision is preserved
Despite the negative picture of the last few days, analysts maintain their opinion that the bull market is not over and new peaks will come after the halving. QCP Capital analysts said, “Our view is that the bull market is not over yet. We are in the midst of a broad liquidity rotation that will take Bitcoin to new post-halving highs. “But given the amount of leverage remaining, the short-term correction could be severe.” he commented.
cryptokoin.com As we reported, the FED’s announcement of its interest rate decision for March and keeping interest rates constant in line with expectations had a positive impact on the cryptocurrency markets. FED Chairman Jerome Powell’s dovish attitude led to a rise in Bitcoin and cryptocurrencies. QCP Capital analysts stated that this rise appears to be spot-focused and the downside fears for ETH have also decreased.
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