Bitget’s research head, Ryan Lee, has recently projected potential price trajectories for Bitcoin and Ethereum in March 2024, anticipating significant growth for both cryptocurrencies. Lee’s forecast, rooted in current market trends and upcoming events, suggests a bullish outlook, with Bitcoin possibly surging to a high between $60,000 and $69,000. Ethereum, likewise, is projected to possibly reach a new peak of $4,900. His analysis incorporates several factors, including Bitcoin’s anticipated halving event, institutional interest, a possible interest rate cut, and the success of newly launched Bitcoin ETFs.
Bitcoin’s Bullish Prospects and Support Levels
Lee predicts that Bitcoin may witness a steep rise in March, encouraged by the cryptocurrency‘s recent positive momentum and the impending block reward halving. He also anticipates that institutional investment and an expected reduction in interest rates may further bolster the currency’s value. Despite the optimistic outlook, Lee has identified a support zone where Bitcoin could stabilize if a downturn occurs, ranging from $48,000 to $52,000.
Additionally, the significant trading volumes achieved by the newly-introduced spot Bitcoin ETFs, which began trading in January with the SEC’s endorsement and have since amassed $3.2 billion, also lend weight to a positive market sentiment.
Ethereum’s Price Prediction and Influencing Factors
Turning his attention to Ethereum, Lee envisions that ETH might emulate Bitcoin’s upward trajectory and potentially revisit its 2021 high of $4,300 within the year. He argues that if past trends hold true, Ethereum could experience substantial growth after Bitcoin’s halving, possibly leading to a historic high of $4,900.
Supporting Ethereum’s potential rise, Lee points to the dynamism of Layer 2 protocols, the growing number of ETH assets being locked in new staking initiatives, the anticipated Denison update, and the prospect of a spot Ethereum ETF receiving approval in the U.S. as key catalysts for the altcoin’s upward momentum.