Bitcoin Dips Amid Decreased Grayscale Trust Outflows, $100K Target Looms
Summary:
On March 22, Bitcoin's value dipped to its lowest of the day, even amidst decreased outflows from the Grayscale Bitcoin Trust. Traders reported daily net outflows from the Bitcoin spot ETFs, posing a risk similar to Bitcoin's 2016 bull market. However, market analysts argue that if Bitcoin can convert the current range to support, it could potentially increase up to $100,000. The next halving event is expected in April.
Bitcoin's value dipped to the lowest of the day as Wall Street commenced trading on March 22, even as the Grayscale Bitcoin Trust saw reduced outflows. The leading digital currency's foray back to the $63,000 mark was met with lackluster performance. Despite a brief rally, Bitcoin was unable to maintain its momentum, leaving the year's highest point of $69,000 untouched.
Trading activities in Bitcoin exchange-traded funds in the American spot market commenced on a positive note. The Grayscale Bitcoin Trust, as per Arkham's initial data, reported outflows of merely $96 million, significantly less than the figures at the week's onset. This marks the first instance in the spot ETFs' brief existence witnessing net outflows every day of the week.
Some traders, including Skew, believe that certain moves are aimed at hampering the bullish momentum of Bitcoin. The prominent trader implied on X (formerly Twitter) that some traders appeared to be strategically bringing down the price.
Several traders, including Crypto Tony, expect the cryptocurrency to retake the $69,000 mark to sustain an upward trajectory. Others like Jelle are optimistic about the market, suggesting that the cryptocurrency's value may soar up to $100,000 provided the current range can be converted to support.
On the other spectrum, Rekt Capital, a trader and analyst, foresees a potential risk of a repeat of Bitcoin's 2016 bull market. He observed that, similar to 2016, the current market also saw a notable decrease before the block subsidy halving.
Rekt Capital says Bitcoin needs to maintain its current highs to prevent a situation similar to 2016, where an initially strong reaction was short-lived. The subsequent halving event is scheduled to occur in mid-April.
Remember, this article does not provide investment advice or recommendations. All investments and trading actions encompass risks. Therefore, readers are advised to undertake thorough research before making any decisions.
Published At
3/22/2024 5:15:50 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.