BTC Price forecast Archives

15th February 2024

$52,000 And Climbing: Bitcoin Eyes New Highs This March, Predicts Top Firm

Bitcoin has been on an absolute tear, surpassing $52,000 for the first time since December 2021. The leading digital asset has already climbed over 23% in 2024, and a major driver of this meteoric rise has been the influx of institutional money entering the space through spot Bitcoin ETFs.

Bitcoin’s mainstream credibility among traditional investors has been growing since the beginning of February, with ETFs registering between $400 million and $650 million in daily inflows in the past week. At the same time, BTC call options have seen a massive rise.

This bullish sentiment has prompted investors to begin anticipating the moment when BTC would achieve a new all-time high. According to analysts at QCP Capital, a crypto asset trading firm, Bitcoin is set to reach a new all-time high before the end of March 2024.

Top Firm Predicts Bitcoin Can Reach New All-Time High Before April

Bitcoin’s current all-time high of $69,044 has looked like an insurmountable mountain for the past two years, especially during the prolonged bear market in 2022, which saw BTC trading below $17,000. However, things have changed since that time, and current metrics point to the price of Bitcoin blasting past this price point in the coming months.

This change in sentiment can mainly be attributed to the attention around spot Bitcoin ETFs. Although Bitcoin seemed to struggle behind a sell-the-news event for weeks after these ETFs hit the market, the situation has since turned positive.

According to data from BitMEX Research, Bitcoin ETFs have witnessed massive inflows led by BlackRock’s ETFs in the past week. At the same time, outflows from Grayscale’s GBTC have slowed down. Consequently, the ETFs have received a steady $400 million to $650 million in daily inflows, which works out to 8,000 to 12,000 BTC bought daily.

Notably, trading hit historic highs on February 14th, with the top nine ETFs hitting $1.5 billion in trading volume.

What’s Driving The BTC Price Rally?

QCP Capital credits this increasing institutional investment in Bitcoin as a critical driver of future growth. Analysts expect this inflow to continue as BTC becomes increasingly popular among traditional investors and global liquidity rotates into the spot ETFs, allowing it to break past its all-time high before April.

The analysts also looked at the massive purchases of BTC call options, noting how $10 million was spent in the past week on premiums for $60,000 to $80,000 strikes expiring from April to December. This price point is exciting, as it indicates many investors are already looking forward to Bitcoin breaking past $69,000 in the coming months.

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Predictions can be hit or miss, but Bitcoin seems poised to continue its meteoric rise in value. It’s also important to note that the next Bitcoin halving, slated for April 2024, is steadily approaching.

Cover image from Dall-E, Chart from Tradingview

13th February 2024

By The Numbers: Bitcoin Received $200 Million Investment From This Financial Giant

According to a Reuters report, Founders Fund, the venture capital (VC) firm founded by billionaire Peter Thiel, is once again betting big on the flagship cryptocurrency, Bitcoin. The VC firm is reported to have made significant profits on their last Bitcoin investment and would be hoping that this next market cycle also brings immense rewards.

Founders Fund Already Made A $200 Million Investment In Bitcoin And Ether

From late summer to early fall last year, Peter Thiel’s Founders Fund reportedly invested $200 million in the two largest crypto tokens by market cap, Bitcoin and Ethereum. If so, the VC firm is likely already sitting on unrealized profits, considering these two cryptocurrencies were trading lower during that period.

Notably, the BTC price is known to have traded below $30,000 towards the end of summer last year and only rose above that level sometime in October. Meanwhile, although the average prices of Founders Fund’s Bitcoin purchases could not be ascertained, BTC has been trading at its highest level since 2021.

Interestingly, Founders Fund is said to have made about $1.8 billion in returns on their previous investment in Bitcoin. The Financial Times reported how the VC firm began investing in the crypto token as far back as 2014 and went to liquidate most of its BTC holdings in March 2022, just before the crypto winter started in full force.

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Peter Thiel’s Optimism On BTC

Peter Thiel, the co-founder of PayPal and one of the earliest investors in Facebook, is known to be a long-time Bitcoin advocate. He once explained how the flagship crypto token could provide a safe haven for investors and described it as a “hedge” against the “world falling apart.” Thiel also belonged to the school that believed Bitcoin could eventually replace Gold.

When Bitcoin hit its all-time high at the height of the 2021 bull run, Thiel also admitted that he was underinvested in the crypto token. He said he should have bought more BTC rather than hesitating because he thought “everybody already knew the secret.”

The billionaire has also described himself at some point as a “pro-crypto, pro-Bitcoin maximalist.” His affinity for Bitcoin and cryptocurrencies generally also stems from his political philosophy of libertarianism, as he sees these virtual currencies as a “force for decentralization.”

Cover image from Dall-E, chart from Tradingview

1st February 2024

Bitcoin Set For ‘Dullest Rally’ With A Twist, Whale Forecasts

Bitcoin has been unable to retain its bullish momentum and seems likely to extend its current downside trend. However, the long run remains positive, and the next months could see BTC reach its all-time high, but in a different fashion than in previous rallies, according to a large investor.

As of this writing, Bitcoin trades at $42,000 with a 1% loss in the last 24 hours. Over the previous week, the cryptocurrency still records a 5% profit.

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Bitcoin Whales Makes Bullish Forecast

According to a pseudonym Bitcoin Whale that goes by “Joe007” on social media X, the cryptocurrency is poised for a bull run. The institutions trading the US spot Bitcoin Exchange Traded Fund (ETF) will drive this bullish momentum.

In that sense, these institutions are likely to suck the volatility out of Bitcoin by pushing to trade similar to traditional assets. Thus, Joe007 claims that this cycle’s rally will lack the excitement of 2017 and 2021 when BTC hit $20,000 and $69,000, respectively, creating euphoria amongst investors.

The Bitcoin whale stated:

I think we’re about to witness the most boring rally in Bitcoin history. No retail-driven parabolic swings that excite degens/noobs and produce headlines. Rather a slow relentless drive higher by professional accumulators taking out layer after layer of paper handed holders.

The whale dismissed the possibility when asked if traditional institutions could fail in “taming” BTC due to the “systemic crises” in the space. In addition, Joe007 dismissed the possibility of the cryptocurrency not running higher in the long run.

The only thing that could stand between Bitcoin and a rally is a “low probability” scenario where the traditional finance sector experiences a similar crash to 2008. The BTC whale added:

(…) unless there is a sudden complete tradfi meltdown (2008-style or worse). Then I can see Bitcoin being dragged into a general panic-crash, at least initially. Certainly possible but hard to assign realistic probability.

BTC Price In The Short Term

On low timeframes, an analyst pointed at the Daily On Balance Volume (OBV), which suggests further downside for BTC. The chart below shows that this metric broke out of a trending channel during Bitcoin’s recent crash.

bitcoin price btc btcusdt

The OBV was rejected out of a critical level and seems poised to trend to the upside along with the price of BTC. The analyst stated:

Daily OBV still looks like it wants more downside. Looks like this might have been a lower high that we just put in.

Cover image from Unsplash, chart from Tradingview

22nd January 2024

Bitcoin Price “Mad Heavy,” Why A Detour To $30,000 Might Be Imminent

The Bitcoin price took a downside turn over the weekend and seems ready to re-test critical support levels. The downside price action was triggered by a spike in selling pressure following the approval of Bitcoin spot Exchange Traded Funds (ETFs) in the US.

As of this writing, the Bitcoin price trades at $40,900 with a 2% loss in the past 24 hours. Over the last week, these losses doubled, with other assets in the crypto top 10 by market underperforming, except for Dogecoin (DOGE), which still records a 4% profit in the same period.

bitcoin price btc btcusdt

Bitcoin Price Loses Steam, How Low Can BTC Go?

Via the social media platform X, the founder and former CEO of crypto exchange BitMEX, Arthur Hayes, shared a forecast for the Bitcoin price. According to Hayes, BTC seems poised to lose its current levels.

The crypto founder and trader claims that the low timeframe price action will likely push Bitcoin below $40,000 and potentially below $35,000 if bulls fail to defend the higher area around these levels.

The main issue regarding the current market structure rests upon the liquidity in the Bitcoin market. As seen in the chart below and as pointed out by Hayes, the liquidity in the BTC market has been trending to the downside since the Bitcoin spot ETF was approved.

As a result, and due to the constant selling pressure from the Grayscale Bitcoin Trust (GBTC), the market has been trending to the downside and could maintain this course until the next major macroeconomic event.

On the above, the BitMEX founder stated:

Why has $SPX and $BTC stopped moving up together post US BTC ETF launch? Both are love more $ liq, which one is right about the future? $BTC is telling us that there are hiccups ahead for $ liq, next signpost is 31st Jan US Treasury refunding annc (announcement).

bitcoin price btc btcusdt

If Bitcoin Goes South, What Levels Could Hold The Line?

A pseudonym crypto analyst showed a cluster of buying orders stacked from the $38,819 to the $40,000 levels in a separate report. In other words, these levels should present opposition and seem like BTC’s biggest opportunity to bounce back, at least on low timeframes.

In that sense, the analyst stated the following, anticipating a possible short-term recovery, and showing the image below:

Some big zones starting to build up around 41K & 42K. Pretty certain we’ll at least take out that top part somewhere next week. Will see if price sustains after that.

Bitcoin price BTC BTCUSDT chart 3

Cover image from Unsplash, chart from Tradingview

18th January 2024

Bitcoin Price In Danger? This Terrible Story Could Happen Again

The Bitcoin price has been moving steadily at its current but failed to meet general expectations. Following the approval of the spot Bitcoin Exchange Traded Funds (ETFs), market participants were expecting potential scenarios.

In these potential scenarios, Bitcoin pushed through critical resistance at $48,000 and continued making new highs, or the cryptocurrency retraced to $30,000. As usual, the market has avoided pleasing the crowd as BTC trades at $42,000.

bitcoin price btc btucsdt

Bitcoin Price Ready To Dip?

The spot BTC ETFs have been influencing the market; the capital flows from these financial products have been used to suppress the cryptocurrency. A pseudonym analyst has been keeping track of crypto exchange Coinbase to connect the flows with the Bitcoin price action.

Since its initial launch on January 11, the BTC flows into Coinbase have increased. This trading venue is key due to its role as Custodian in most spot Bitcoin ETFs filed with the US SEC.

Thus, asset managers who want to buy or sell BTC go to Coinbase. The exchange sees fluctuations in its Bitcoin price in the spot market compared to other exchanges.

As the trading volume on Coinbase has increased since the spot Bitcoin ETFs launch, the platform records some of its highest activity. In the meantime, the Bitcoin price trends sideways. The pseudonym analyst stated:

(…) supply is coming from somewhere, obviously gbtc and maybe some others, like cme futures, anyways, whats most important is coinbase is still trading discount compared to other spot venues and thats very weak, unless you’re managing billions $, you can probably wait to fomo once coinbase is dragging market up instead of dripping sells.

Another crypto analyst echoed these words; the chart below shows that the Coinbase Premium Gap signals strong selling pressure. If history repeats, the metric hints at a fierce crash for Bitcoin.

Bitcoin price BTC BTCUSDT

In that sense, the analyst recommends “patience” while Bitcoin moves sideways and the Coinbase Premium Gap signals a potential dip into support.

Bitcoin ETFs Breaking Record

A report from Reuters indicates that the spot Bitcoin ETFs attracted almost $2 billion in their first few days of trading. BlackRock and Fidelity led these capital inflows and will maintain them depending on their fee structure, CEO of CF Benchmarks Sui Chung claims, while adding:

Those that charge the lower management fees will unsurprisingly make themselves more appealing compared to their peers. Brand recognition is another core aspect.

However, several experts have questioned these flows, which disputed the numbers. Three days after the ETFs launched, NewsBTC reported $800 million in new inflows based on a report by Eric Balchunas, ETF expert for Bloomberg Intelligence.

Cover image from Unsplash, chart from Tradingview

17th October 2023

Bitcoin Price: Why $28,000 Could Hold The Key For Massive Bull Run

The Bitcoin price experienced volatility in the last day following speculation about approving a spot BTC Exchange Traded Fund (ETF) in the US. The rumors turned out false, but the cryptocurrency managed to reclaim a critical level.

As of this writing, Bitcoin trades at $28,460 with a 3% profit in the last 24 hours. Over the previous week, the cryptocurrency recorded similar gains while other cryptocurrencies in the top 10 by market cap lagged the sudden rally except for Solana (SOL).

Bitcoin price BTC BTCUSDT

Bitcoin Price Confirms Bull Run?

Data shared by the co-founders of analytics firm Glassnode highlights the importance of the recent rally. However, driven by what many in the crypto community called “fake news,” the upside momentum cleared some obstacles for the cryptocurrency.

In that sense, the data points to a generally positive sentiment around the Bitcoin ETF, which will continue to gain relevance in the coming months as uncertainty about its approval mitigates. The Glassnode co-founders stated via social media platform X:

While this pivotal milestone was momentarily attained on futures, the spot market price peaked at $27.98k earlier today. It’s evident just how crucial this price point is in the larger scheme (…). The rapid movements and these price thresholds aren’t just numbers. They signify investor sentiment, market dynamics.

The market activity surrounding the ETF rumors on some major crypto exchanges represented around 8% of their total trading volume. However, Bitcoin must hold its current level on the daily and weekly charts.

A separate analysis by a pseudonym trader claims that the recent Bitcoin price action broke out of a macro downtrend. As seen in the chart below, every time the cryptocurrency price breaks this trend, Bitcoin consolidates for a while before re-entering price discovery.

Despite the bullish momentum, Bitcoin can still touch critical support levels around $27,880 and $27,550 on short timeframes before resuming the rally. The Bitcoin price can go much lower on higher timeframes while maintaining its bullish structure. The analyst stated:

Bitcoin has long ago broken its Macro Downtrend. It’s undeniable that Bitcoin is in a Bull Market. The question is whether Bitcoin can perform a -30% retrace over the next 4-6 months or so. History suggests it can.

Bitcoin price BTC BTCUSDT

Cover image from Unsplash, chart from Tradingview

29th September 2022

Analyst Says BTC Is Angling For Six Digit Rally In Next Year

A popular crypto analyst has predicted that Bitcoin (BTC) is on a bullish path to reach six figures in 2023. Known pseudonymously as Credible, the analyst made the prediction on his Twitter handle while addressing his over 300k followers.

The recent bear market began in late 2021, with Bitcoin dropping over 60% from its previous high. However, Credible believes that the crypto giant is experiencing a correction period that’ll see it rally up to six figures.

How The Crypto Market Has Been Faring

The entire crypto market experienced bullish moments during the pandemic. Many analysts attributed the high interest to excess money in circulation. However, the market has declined since the start of 2022 due to many macroeconomic factors.

Bitcoin fell over 60% from its all-time high of $68,000, with altcoins following the trend. Inflation statistics and lending rate hikes are major causes of the market’s volatility.

However, the market seems to be stabilizing in the past few weeks. BTC remained sturdy after the Feds announced another rate hike last Wednesday, seeing a minor price decrease. While it has enjoyed some short wins and nose-dives, it has remained in the $19,000 range.

Why Is Credible Bullish On BTC’s Growth Next Year?

Given the current market situation, some analysts believe the market could get worse before getting better. However, Credible believes that Bitcoin just completed a lengthy correction and is ready to spark a parabolic rally to hit $150k.

Momentum. Which is why estimates must be within a range- it can vary. I am expecting at least 100k, not 300k+, likely somewhere around 150k-ish. But will know more as PA develops and the move actually starts. – Credible.

BTC is currently trading at above $19,500. | Source: BTCUSD price chart from TradingView.com
Statistics Behind Credible’s Bullish Sentiments

Credible is widely known to practice the Elliott Wave theory. This sophisticated technical analysis approach attempts to forecast price movement by leveraging crowd psychology which usually moves in waves. The theory states that a significant uptrend consists of five waves. The first three of which are upswings, and the last two are corrective phases.

While we have gone lower than expected in terms of price, macro invalidation hasn’t been hit ($14,000) and time-wise we are still right on track for our fifth wave, despite what it may seem. Time-wise, wave four correction is proportional to third wave, just as wave two was to first wave. – Credible.

According to the expert’s chart, BTC might start rising sharply in price sometime next month. He claims that sometime next year, Bitcoin’s price will rally to around $150,000. Cryptocurrency analyst also expects BTC to go beyond $22,000 in the near future.

Focusing On The Charts

While answering some comments on his predictions, Credible explained that momentum is the key driver behind his prediction. He also added that the present sentiment is similar to the attitude of investors and traders during the Covid-19 outbreak.