Bitcoin price rebounded from $67,000 to over $70,000 within just a few hours on Monday, triggering a broader crypto market recovery. While the global crypto market rebounded and Bitcoin price moved mostly sideways on Tuesday, trading volumes saw only a marginal increase as compared to trading volumes before the crash to below $61,000.
CoinGape earlier reported massive bullish sentiment among derivatives traders despite selloffs and anticipation of BTC price hitting a high of $76K before March end.
Is This Recovery Signals Another Bitcoin ATH?
Top analyst Markus Thielen, chief executive officer of 10x Research, in a new report greenlights Bitcoin and Ethereum buying to investors, turning bullish from bearish. BTC price rallied more than 6% due to renewed optimism. He is one of the first few analysts who accurately predicted the recent crash below $63K.
He added that three indicators are bullish on BTC price reversal but it will nullify if Bitcoin trades below $68,000 due to market volatility before month’s end. Historically, Bitcoin has witnessed a 315% rally in 2012-2013, over 100% in 2016-2017, and 129% in 2020-2021. If a triple-digit rally is valid in this Bitcoin halving, BTC price will reach $140,000.
Moreover, the formation of an inverted head-and-shoulders pattern and break above $68,330 signal a move above $73,000.
“We would have preferred for Bitcoin to consolidate a few more days, as this would have allowed our reversal indicators to hit screaming buy levels. Still, we suspected Bitcoin would start the week with an aggressive rally – as we enter the end of the quarter,” said Thielen.
Bitcoin ETF Inflow Continuation
Markus Thielen also predicted a return in inflow to spot Bitcoin ETFs and a strong BTC price rally above the psychological level of $70,000. However, he warned that the real test will be on Thursday and Friday as these mark the end of the quarter.
Nine spot Bitcoin ETFs have once more registered net positive inflows on Monday. Fidelity Bitcoin ETF (FBTC) saw a $261 million inflow, surpassing BlackRock Bitcoin ETF (IBIT) inflow of $35 million. Also, outflows from the Grayscale Bitcoin ETF GBTC have remained strong at $350 million.
🚀🚀🚀
CME #Bitcoin open interest hit a record high of $11.71 billion.
👉https://t.co/b1RbJ1A35P pic.twitter.com/eNFD8QamQC
— CoinGlass (@coinglass_com) March 26, 2024
BTC Price Breaking Above Key Levels
Analyst Ali Martinez in a new post on X predicted that BTC price can rally above as it breaks out of an ascending triangle on the lower time frames. As long as the $70,400 support holds, BTC price can hit $71,800.
BTC price jumped 6% in the last 24 hours, with the price currently trading at $71,083. The 24-hour low and high are $66,795 and $71,535, respectively. Furthermore, the trading volume has increased by 50%, indicating a rise in interest among traders.
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