In a recent surge, Bitcoin‘s market value has leapt past the $70,000 threshold, fueling a wave of optimism among investors. This uptick follows a period of stagnant movement, with the cryptocurrency now experiencing a significant boost attributed to a rise in trading volume. Market participants are keenly observing Bitcoin’s momentum as they speculate on its next directional move.
Market Expert Shifts Stance to Bullish on Bitcoin and Ethereum
Markus Thielen, CEO of 10x Research and a respected market analyst, has shifted from a bearish to a bullish outlook on Bitcoin and Ethereum, suggesting now is an opportune time to invest. Thielen, known for his accurate prediction of the last market downturn, identifies three indicators that could propel Bitcoin’s value above $73,000, with a potential long-term goal of $140,000, should historical trends repeat.
Thielen predicts a resurgence in investments into spot Bitcoin ETFs, buoyed by the recent price rally and general market confidence. He cautions, however, that the market’s robustness may be tested towards the quarter’s end, particularly on March 28th and 29th.
ETF Trends Reflect Shifting Investor Sentiment
Recent data reveals a shift in investor sentiment as US-based spot Bitcoin ETFs, which had previously reported negative inflows, have turned positive on March 25th. Fidelity’s FBTC leads the pack with a substantial $261 million inflow, outperforming BlackRock’s IBIT. Conversely, Grayscale’s GBTC continues to suffer outflows, totaling $350 million.
Ali Martinez, a seasoned crypto analyst, suggests that Bitcoin is poised to break out from a rising triangle pattern, potentially driving the price above $71,800 if it maintains support above $70,400. As Bitcoin currently trades around $71,000 with a 6% price increase and a 50% surge in trading volume, the market’s enthusiasm appears to be reignited.