- Bitcoin soared to a new yearly high of $65,530 on BitStamp.
- The crypto ‘Fear & Greed Index’ is teetering extreme greed, indicating possible reversal soon.
- The price of Bitcoin is currently at $65,188, having risen 27.1% in the past 7 days.
- The halving event, which, tentatively, is coming up on April 19, 2024, may push the BTC price even higher.
Bitcoin once again captured headlines by soaring to a new yearly high of $65,530 on BitStamp. Further fueling discussions about the digital asset’s potential and the broader implications for the crypto market.
The recent surge was because of several factors, including increased institutional adoption and favorable regulatory developments.
The halving event, which, tentatively, is coming up on April 19, 2024, is anticipated to reduce supply and inflation, potentially pumping BTC prices even higher.
Analysts are projecting a bullish outlook for Bitcoin in the coming months. The sentiment is overwhelmingly positive, with a ‘Fear & Greed Index’ teetering extreme greed.
This optimism is mirrored by technical indicators, suggesting a continued upward trend.
Binance’s aggregated user predictions also reflect confidence in Bitcoin’s growth, with a consensus pointing towards a gradual increase in value. The platform’s technical analysis aligns with this sentiment, highlighting a strong bullish trend in multiple time frames.
Bitcoin’s Bullish Horizon is $70,000 in the Works?
The price of Bitcoin is currently at $65,188 as of March 4, 2024, 9:31 a.m. EST. This represents a 5.5% increase in the past 24 hours and a 27.1% increase in the past 7 days. BTC is still trending above the 50-day, 100-day, and 200-day simple moving averages (SMA).
Bitcoin price just broke out of the bullish pennant it had formed in the 1-hour timeframe, potentially aiming for $70,000.
Overhead resistance levels for BTC currently lie at $67,441 and $72,441. If bears however decide to strike, BTC may fall back to $63,000 and $54,000
Investors considering Bitcoin should approach with caution and do their due diligence. For the most part, a black swan event is still expected to hit the markets. It will serve as the last attempt by the market makers to scoop liquidity before the Bitcoin halving event.
The current sentiment around Bitcoin is buoyant, with predictions leaning towards a bullish future. Yet, the path ahead is riddled with uncertainties, and only time will reveal the true course of this digital currency’s journey.