The burgeoning interest in Bitcoin ETFs is notably surpassing the upcoming Bitcoin supply, with predictions for the cryptocurrency’s value to potentially hit $150,000 by mid-2025. The two most prominent Bitcoin ETF funds currently hold a combined total exceeding 330,000 Bitcoins, dwarfing the estimated 65,500 Bitcoins expected to be mined in 2024. This robust demand suggests that prices may stay resilient against significant drops in the near future.
Bitcoin’s Resilience Demonstrated in Recent Price Movements
Recent trading activity shows Bitcoin’s price fighting off a pullback from the $73,000 mark, with substantial buying support indicated by the long wick on the March 12 candlestick. The BTC/USDT pair has been climbing within an ascending channel, and a breakthrough above its resistance could propel the price toward the $80,000 milestone. Conversely, a dip below $70,000 might lead to a retest of the channel’s lower boundary and potentially a further decline to around $53,099.
Ethereum Exhibits Buying Strength Despite Dips
Ethereum, too, witnessed a brief dip below $4,000 but quickly garnered buying interest, evident from the candlestick’s long wick. Buyers are attempting to push the price beyond the $4,100 resistance level, potentially kicking off another upward phase that could see Ethereum’s price reach heights of $4,868. However, the persistent overbought status of the RSI suggests the possibility of a minor correction or a brief consolidation period.
BNB’s Upward Trajectory Signals Strong Market Optimism
BNB‘s value has been steadily ascending after surpassing the $460 mark, hinting at sustained demand at higher valuations. Should the cryptocurrency maintain its ground against selling pressure, the BNB/USDT pair might aim for $670. Nonetheless, investors should be wary of potential volatility, as steep climbs are often succeeded by sharp declines, with a drop below $500 potentially accelerating a selloff towards $460.