- Bitcoin’s price has recently hit a new all-time high, surpassing the previous peak in 2021.
- Analyst sentiment has become mixed on whether this surge can be sustained, with many fearing a correction.
- Despite the strong performance, there has been growing cautiousness within the community.
Over the last two weeks, Bitcoin has skyrocketed over 11%, reaching a new all-time high, surpassing the previous peak set in 2021. However, the question of whether this surge can be sustained lingers. Bitcoin’s price is currently hovering around the old high, attempting to establish it as a support level. This uncertainty has instilled caution in investors and analysts, who watch closely to see if the cryptocurrency can hold onto its gains.
To keep our readers informed, the DailyCoin team is committed to providing comprehensive updates. In this Bi-Weekly DailyCoin Bitcoin Regular, compiled by our expert Kyle Calvert, we will explore recent developments surrounding Bitcoin and explain the recent price fluctuations. Additionally, we will cover community sentiments and analyst predictions.
Table of Contents
News and Events
Bitcoin Hits All-Time High
In a major milestone, Bitcoin surged past its all-time high of $69,000 on March 5, 2024, fueled by strong bullish sentiment. The leading cryptocurrency climbed to a new peak of $73,750 before entering a consolidation phase, where it’s currently retesting the previous high on daily charts.
BlackRock’s Bitcoin ETF Hits Major BTC Milestone
BlackRock’s foray into Bitcoin continues to see strong investor interest. The company’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), surpassed a key milestone on March 13 by exceeding 200,000 BTC in holdings. This corresponds to over 203,000 Bitcoins held as collateral for the more than 357 million IBIT shares circulating on the market.
VanEck Makes Bitcoin ETF Fee-Free
In a bullish sign for Bitcoin, VanEck slashed all trading fees for its Spot Bitcoin ETF (HODL) until March 31, 2025. This strategic move comes amid Bitcoin’s continued rise, solidifying its place as a major asset class. By eliminating entry barriers, VanEck hopes to attract new investors to the world’s leading cryptocurrency with a zero-commission investment opportunity.
Experts Forecast
Popular traders are weighing in on Bitcoin’s price action ahead of the upcoming block reward halving. Some, like Bags, fear a repeat of previous halving cycles where prices dropped nearly 40% before recovering. Others, like Rekt Capital, believe Bitcoin is still in a pre-halving rally phase but may be entering a correction period.
Bullish voices like On-Chain College downplay the recent dip, emphasizing it’s normal in a bull market. Credible Crypto points to potential support of around $64,000, while Jelle sees a possible pullback to $58,000 based on historical trends.
Overall, the sentiment among analysts is mixed, and the overall community sentiment has been slowly turning more bearish since March 4th. While still predominantly positive and neutral, there has been a slight decline in positivity surrounding Bitcoin, with some expressing caution about a potential price drop and others remaining confident in Bitcoin’s long-term trajectory.
Current Outlook
Bitcoin is on a tear, surging 32% in the last month and reaching new all-time highs. After surpassing $60,000, the cryptocurrency has continued to climb, just 7.64% shy of its record $72,750. This strong performance has fueled optimism among analysts, who predict 2024 could be a breakout year for Bitcoin.
The rally followed a robust February, where Bitcoin closed the month at nearly $20,000 higher than January. So far in March, the momentum continues, with Bitcoin hovering around $68,400 and up 12% for the month. Experts attribute the bullish run to several factors, including the upcoming April 2024 halving event and major Bitcoin ETF inflows.
Historically, these halvings, which cut the production of new Bitcoin in half, have correlated with price increases due to their impact on supply and demand. While Bitcoin hitting new highs before the halving is a bullish sign, the ultimate price peak remains to be seen.
On the Flipside
- While Bitcoin reached a new high, it’s consolidating around the previous peak, indicating potential short-term volatility.
- Since early March, there’s been a gradual shift towards a more cautious sentiment within the Bitcoin community.
- For new investors, the current price might be a psychologically challenging entry point, potentially hindering further growth.
Why This Matters
Bitcoin’s record surge past its 2021 peak, coupled with the upcoming halving and positive institutional moves, creates a tense wait-and-see moment for the crypto market. Will Bitcoin establish its new high as support or see a correction before the halving event? This price action will likely set the tone for the broader market in the coming months.
To learn more about the concept of Bitcoin halving and its historical impact on Bitcoin’s price, read here:
Bitcoin Halving: Is a BTC Bull Run Guaranteed?
To learn more about Bitcoin’s recent surge in price and its impact on the market, read here:
