The insatiable demand for Bitcoin exchange-traded funds (ETFs) is far outstripping the anticipated new Bitcoin supply for 2024. The market is witnessing a substantial accumulation of Bitcoin by the two dominant ETFs, exceeding 330,000 Bitcoins, dwarfing the forecasted annual mine output of roughly 65,500 Bitcoins. Analysts at Bernstein project the value of Bitcoin to potentially surge to $150,000 by mid-2025, suggesting a bullish outlook, impelled by robust demand that may counteract any immediate depreciative trends.
Bitcoin’s Trading Prospects
The resilience of Bitcoin against a pullback from the $73,000 mark is evident from the March 12 candlestick, showcasing strong buying on price dips. Despite bearish resistance thwarting breakouts above the ascending channel, a successful bullish push through the channel’s resistance could propel the BTC/USDT pair towards the $80,000 threshold.
Conversely, a breakdown below $70,000 might trigger a decline to the channel support, with a potential sell-off extending down to $59,000 and possibly reaching the 50-day simple moving average at $53,099, should bears dominate the market trend.
Ethereum Maintains Bullish Sentiment
Ethereum briefly dipped below $4,000 but quickly rebounded, indicating that buyers are eager to capitalize on price drops. A breakout above $4,100 could set the stage for further elevation, with the ETH/USDT pair aiming for successive targets at $4,372 and $4,868. However, the pair’s rally faces potential cooling or consolidation, with the RSI indicator hinting at an overextended uptrend.
BNB Charts a Steady Climb
BNB‘s ascent past $460 suggests a continuing rally fueled by persistent demand. The BNB/USDT pair could advance towards $670 if buying pressure remains unchecked. However, traders should be wary of a potential trend reversal if the price drops below $500, potentially leading to a sell-off towards the $460 mark.