Bitcoin Touches New High, Anticipated to Reach $150,000 by 2025: Cryptocurrency Market Analysis
Summary:
Bitcoin (BTC) reached a fresh all-time high of $73,650 on March 11, driven by solid interests in Bitcoin exchange-traded funds (ETFs). According to data, demand for Bitcoin ETFs may overshadow the mined Bitcoin supply in 2024. Analysts project Bitcoin may reach up to $150,000 by mid-2025. Other cryptocurrencies like Ether (ETH), BNB (BNB), Solana (SOL), XRP (XRP), Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB), Avalanche (AVAX), and Toncoin (TON) are all experiencing a positive momentum with a potential for further gains in the light of current market trends.
Bitcoin (BTC) achieved a fresh record high of $73,650 on March 11. This continued surge is largely due to solid interests in the Bitcoin exchange-traded funds (ETFs). According to data, Bitcoin ETFs saw an unprecedented influx exceeding $1 billion on March 12. This overwhelming demand far outpaces the expected mined Bitcoin supply in 2024. The two largest Bitcoin ETFs have currently secured more than 330,000 Bitcoin, compared with an estimated 65,500 Bitcoin to be mined in 2024. Analysts from Bernstein project that Bitcoin could reach up to $150,000 by mid-2025. Still, no market experiences constant growth. All bull markets undergo corrections. Sentiment can turn around promptly if a decline begins. IntoTheBlock's data reveals that all Bitcoin holders are currently profiting, which could lead to a sell-off if Bitcoin falls below crucial near-term support. Will Bitcoin provoke a correction at these levels, which may cause a slump in select altcoins? By examining the graph of the top 10 cryptocurrencies, we might find some clues.
The Bitcoin price was resisted at $73,000, resulting in a pullback, but strong purchasing followed intraday dips. The BTC/USDT pair has stayed within an ascending channel pattern for a few days, but hasn't seen a substantial rise. However, a surge in bullish momentum could drive the price to $80,000 if it breaks above the channel. Conversely, a slump below $70,000 could trigger a fall towards the channel support line, possibly dropping further to $59,000 and later to the 50-day simple moving average ($53,099).
On March 12, Ether’s (ETH) price dipped below $4,000, yet a strong opportunity to purchase revealed itself at this dip. ETH/USDT trade pair may climb to $4,372 and subsequently touch $4,868 if it breaks through $4,100. There's a minor risk of a correction due to the RSI lingering within the overbought zone for many days.
BNB (BNB) gained momentum as it cleared $460 and hasn't looked back. Visible resistance awaits at $617, but if bulls can maintain their position, BNB/USDT may reach $670. Steep rises are often unsustainable and liable to sharp falls. A drop below $500 might trigger a sell-off, pulling BNB back to $460.
Solana (SOL) has been slowly climbing, indicated by the long tails on the March 11 and 12 candlesticks. If it manages to stay above $153, SOL/USDT may rally towards $184.
XRP (XRP) soared on March 11, reaching $0.74, but was unable to hold that price. Bulls are vying to turn $0.67 into support. If successful, XRP/USDT may ascend past $0.74, targeting $0.85 and later $1.02.
Sharp recovery off the $0.68 support on March 11 failed to carry Cardano (ADA) past the $0.80 barrier. If they can clear $0.80, ADA/USDT might reach $0.90.
Dogecoin (DOGE) exhibited bullish pressure, despite struggling to exceed $0.18. A rally to $0.21 could be on the horizon if DOGE retains its position above $0.18.
Shiba Inu (SHIB) has been caught in an uptrend, fluctuating between $0.000029 and $0.000039. A rally towards $0.46 may be possible if it surpasses $0.000039.
Avalanche (AVAX) soared past the $45.18 resistance on March 11, demonstrating a bullish dominance. AVAX’s momentum could send the price towards $67 if it manages to cement $50 as support.
After breaking past the $2.90 resistance on March 11, Toncoin (TON) has been on an ascending path. Despite the risk of a near-term correction or consolidation, the TON/USDT could see an eventual target of $5.
Published At
3/13/2024 11:15:00 PM
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