Bitcoin Price Poised for 10% Spike: Analysts Predict ATH by Month’s End

The post Bitcoin Price Poised for 10% Spike: Analysts Predict ATH by Month’s End appeared first on Coinpedia Fintech News

Bitcoin’s (BTC) price is preparing to close above 2021’s all-time high (ATH) in a monthly candle for the first time. Having entered the price discovery phase of the macro bull run, the flagship coin is expected to continue in an uptrend in the long haul. 

Moreover, the highly anticipated Bitcoin halving is about three weeks from happening, reducing the daily supply from 900 BTCs to 450 coins. 

Bitcoin Whales on the Move

After taking a breather last week, Bitcoin whales have increased their accumulation pace since Monday. According to the latest weekly report from CoinShares, more than $940 million was withdrawn from crypto investment products last week, led by Bitcoin. However, market data provided by Santiment shows that Bitcoin whales have accumulated more than 100,000 BTCs in the past seven days, around $7 billion.

Traders’ Optimism

#Crypto traders normally hope that #Bitcoin and other assets carve their own market performance path, without reliance on #equities or other sectors. But for a change, the crowd has been suggesting that the strong #AllTimeHigh levels from the #SP500 and #gold are creating a… pic.twitter.com/BfzzN3W9k5

— Santiment (@santimentfeed) March 27, 2024

The cryptocurrency market anticipates an inevitable breakout after Gold and major indexes led by the S&P 500 broke out to reach new all-time highs (ATH). Furthermore, the correlation between Bitcoin, the altcoin industry, precious metals, and stock indexes remains high amid institutional investors’ mainstream adoption of the web3 sector.

Remarkably, Bitcoin’s funding rate ratio spiked to a two-week high, thus signaling an imminent bullish breakout.

Bitcoin Price Midterm Targets

#Bitcoin appears to be breaking out of a bull flag on the 4-hour chart! If $BTC holds above $70,000, we could see a surge of nearly 10% to a new all-time high of $77,000! pic.twitter.com/MPVB70p9DU

— Ali (@ali_charts) March 28, 2024

With all the factors highlighted above, there is a decent chance for the Bitcoin price to reach a new ATH before the end of this month. According to a technical analysis by a popular analyst Ali Martinez, Bitcoin price is on the cusp of a 10 percent spike to $77,000 after breaking out of a bullish flag in the past 24 hours.