Analysts Predict March Consolidation for Bitcoin
Bitcoin's recent price movements have been marked by volatility, showcasing its ability to surge to $70,000 before retreating to $68,717 as of the latest update.
Analyst Willy Woo sheds light on the current market dynamics, suggesting that Bitcoin is poised for a period of consolidation.
Drawing parallels with historical trends, Woo emphasizes the potential for buying opportunities during such phases, citing instances of significant rebounds following dips in late 2020 and early 2017.
#Bitcoin SOPR peaking suggests the rest of March will be about consolidation around the last all-time-high.
Last time this happened in Q4 2020 the buy the dip opportunity was -17%, and before that during Q1 2017, when BTC was much more volatile, it was -31%. pic.twitter.com/EgZTAR6MIw
— Willy Woo (@woonomic) March 16, 2024
However, amidst this potential for consolidation, crypto analyst Michael van de Poppe highlights bearish signals looming over Bitcoin’s price action.
Van de Poppe points to lower highs and a notable resistance level at $70,500, indicating the likelihood of a corrective phase in the near term.
#Bitcoin remains to have a valid bearish divergence.
This is confirmed by the lower timeframe, lower highs, and clear rejection at $70.5K.
For this correction, I'd be targeting $57-61K, and, likely, we'll have peaked pre-halving.
Altcoin summer is on the horizon. pic.twitter.com/bGmnHcVDnz
— Michaël van de Poppe (@CryptoMichNL) March 15, 2024
He anticipates downside targets ranging from $57,000 to $61,000, suggesting a period of adjustment for Bitcoin’s valuation.
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Adding to the complexity of Bitcoin’s price outlook, Galaxy Digital founder Mike Novogratz weighs in on the role of exchange-traded funds (ETFs) in shaping market sentiment.
Novogratz cautions that a significant reversal in Bitcoin’s upward trajectory could occur if outflows from spot market Bitcoin ETFs surpass inflows. Notably, there has been a slowdown in inflows into Bitcoin ETFs during the recent correction, raising concerns among investors.
Despite these uncertainties, Novogratz maintains a positive stance on Bitcoin’s fundamental value, estimating its base price to hover between $50,000 and $55,000, barring any unforeseen major developments.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
