We'll tell you what's happening with BTC and what Bitcoin forecast is being given by members of the crypto community against the backdrop of a cryptocurrency correction after updating the local maximum.
What's happening with Bitcoin
On February 20, 2024, Bitcoin updated its local maximum near $53 thousand, after which it entered a correction. As of the time of writing this review, the coin is trading at $51,567.
Bitcoin showed positive dynamics against the backdrop of growing open interest in BTC futures to the highest levels in two years, investor interest in spot Bitcoin ETFs and the approach of halving. Let us remind you that the halving of the cryptocurrency mining speed will take place at the end of April 2024. The history of observations shows that halvings create a shortage of bitcoins in the market, which pushes the coin rate to update its absolute maximum value. If investor interest in Bitcoin ETFs remains at the same level, purchases of cryptocurrency against the instrument by issuers could also support the growth of BTC.
Many sellers took advantage of Bitcoin’s growth to new local highs, under whose pressure the cryptocurrency corrected.
Jan3 CEO Samson Moe believesthat blocking a large volume of BTC under ETFs mitigated market volatility. In his opinion, the tool helped reduce the possible depth of correction.
Popular crypto blogger MartyParty, in turn, notedthat the volume of bitcoins available on exchanges has already dropped to the lows of 2015. Participants in the crypto community suggested that the continuation of the trend will force issuers of crypto funds to look for investors willing to sell them cryptocurrency.
Bitcoin forecast
Many participants in the crypto community are confident that Bitcoin has prospects for further growth. For example, trader Doctor Profit believesthat within a month investors can see BTC at $65 thousand. By September-October 2024, he expects Bitcoin at $100 thousand. In his opinion, you should count on a BTC correction only after the halving. Upon completion, the trader is sure that the coin will go to new highs.
Slightly less optimistic Bitcoin forecast gave analyst Michael van de Popp. He believes that by the beginning of April 2024, BTC will be able to reach $56 thousand.
Some members of the crypto community pay attention on oversold Bitcoin. In their opinion, the cryptocurrency needs a little rest before storming new levels.
Source: Cryptocurrency
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