Bitcoin: A reaffirmed bullish trajectory!

Farewell to the dark clouds that overshadowed Bitcoin’s sky after its new ATH on March 5th. It seems that the queen of cryptocurrencies has regained its sparkle, flirting once again with the $68,000 mark. And the bullish sentiment that accompanies it is spreading more and more.

Bitcoin: An Anticipated Ascent… and a Correction

On March 5th, the world held its breath as Bitcoin reached a new record of over $69,170, before undergoing a sharp correction that took it back below $61,000. Analysts weighed in: the sudden drop was attributed to the high volatility linked to speculation surrounding the upcoming Bitcoin halving in April.

However, volatility does not always mean a decline in prices. Although the drop to $61,000 slightly worried investors, the latest statistics should rather bring them joy. In the last 24 hours, Bitcoin has climbed back up with a 1.35% increase, its price never falling below $65,655.53, according to CoinGape.

After waiting for more than two years, Bitcoin finally revisited its all-time high last Tuesday. A favorable conjunction was necessary: the rise in Bitcoin purchases by BTC ETF issuers such as BlackRock, Fidelity, and a drastic reduction in the supply in circulation. This surge has made all BTC addresses profitable, according to IntoTheBlock (ITB) analysts.

Since the correction to $61,440, Bitcoin has made several attempts to resume its ascent. However, investors who had already realized profits at the ATH were hesitant to reinvest in the cryptocurrency. Despite this, BTC managed to hold above the psychological threshold of $61,000.

Currently, Bitcoin appears to be regaining color, flirting with the $68,000 mark. While attention is mainly focused on the price, the influence of spot Exchange Traded Funds, especially those from BlackRock, should not be underestimated. This sustained accumulation of bitcoins by institutional investors justifies the recent correction and suggests an imminent resurgence of the flagship cryptocurrency.

Anticipation: High Altitude Projections

Eyes are turning to Bitcoin as market experts proliferate their projections. Robert Kiyosaki, the author of “Rich Dad Poor Dad,” targets $300,000 by the end of the year, with an intermediate stop at $100,000 by June.

Other prominent figures, such as Cathie Wood of Ark Invest and Samson Mow from Jan3, envisage even more vertiginous peaks, going up to $600,000 and $1.5 million respectively.

The next Bitcoin halving is expected to be a major catalyst, fueling the growing demand for spot BTC ETFs. With the supply slashed in half, the anticipated tightening could lead to a skyrocketing price for the cryptocurrency, which is already dominating its short and long-term moving averages.