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Many cryptocurrencies have been advancing last several days and according to crypto analysts, the crypto market should remain well supported in the next three to six months, as more institutional players adjust to the new ETF reality.

In a report issued Friday, Coinbase analysts emphasized the recent increase in net inflows into the eleven established U.S. spot bitcoin ETFs, suggesting that institutional engagement could play a crucial role in supporting Bitcoin price movements.

So where is the price of Bitcoin (BTC) going next, and what can we expect from March 2024?

Today, Crypto Lists will discuss Bitcoin (BTC) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Coinbase say Bitcoin should remain well-supported

Investor sentiment on the cryptocurrency market has improved this trading week; Bitcoin (BTC) has surged above the $52,800 level, and the assets in the crypto space have begun to regain their footing. In a report released on Friday, analysts from Coinbase outlined factors that might underpin the price dynamics of Bitcoin in the upcoming months. Coinbase analysts said:

“We believe bitcoin should remain well supported in the next three to six months, as more institutional players adjust to the new ETF reality. We have seen tremendous net inflows, totaling an impressive over $4.2 billion year-to-date.”

It is also important to mention that the Data Dashboard from The Block indicated that daily fund flows have stayed consistently positive for more than two weeks. On Wednesday, BlackRock’s iShares Bitcoin Trust (IBIT) witnessed its highest daily inflow yet, totaling $493.12 million. Some crypto analysts say that Bitcoin’s open interest is now at its highest level since the FTX collapse, and on-chain data is signaling aggressive accumulation among Bitcoin whales.

Rating: 9.5/10
Supply: 18,925,000 / 21,000,000
Release date: January 3, 2009

Description: Discover BTC and be part of the cryptocurrency revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


Halving on the way

As per Santiment, Bitcoin (BTC) addresses containing between 1,000 to 10,000 coins played a significant influence in propelling the price upwards. Santiment reported that Bitcoin whales bought BTC worth nearly $13 billion since the start of 2024 and from an on-chain perspective, if whales continue to accumulate BTC in the same way, the price could rise way higher than $52,800. The notable rise in Bitcoin price alongside heightened institutional purchasing activity represents a pivotal moment for the cryptocurrency market.

Bitcoin’s recognition as a mainstream asset is solidifying further with the growing involvement of institutions. At the same time, Bitcoin’s price increase persists even as the U.S. dollar index (DXY) rebounds and it is important to keep in mind that traditionally, a stronger dollar has discouraged investment in riskier assets like Bitcoin. During periods of a strengthening DXY, investors may be drawn to higher yields or lower volatility in dollar-denominated assets, making them more attractive than riskier options like Bitcoin and tech stocks. From the start of February, the DXY has risen by nearly 3%, while during the same timeframe, Bitcoin has surged by almost 24%.

Technical analysis for Bitcoin (BTC)

Bitcoin (BTC) has advanced more than 20% since the beginning of February 2024, rising from $42,545 to a high of $52,890. The current price of Bitcoin (BTC) stands at $51,443 and despite the minor correction, bulls continue to control the price movement. Many analysts say that more investors could purchase Bitcoin (BTC) in the weeks ahead, and as long the price of BTC is above $50,000, the price of this crypto remains in the BUY-ZONE.

Technical analysis for Bitcoin (BTC)

Important support & resistance levels for Bitcoin (BTC)

Important support & resistance levels for Bitcoin (BTC)

On this chart (the period from July 2023), I marked important support and resistance levels that can help traders understand where the price could move. Bitcoin (BTC) bulls have been feeling more confident the last several days, and if the price advances above $55,000, the next target could be resistance that stands at $60,000. The important support level is $50,000, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $48,000. If the price drops below $45,000, which represents another strong support, the next target could be located around $40,000.

What speaks for the rise in the Bitcoin (BTC) price

Bitcoin whales increased their activity over the past several days, which demonstrates renewed interest and confidence in Bitcoin and some analysts say that there is a big chance that the price could reach $60,000 in the upcoming weeks. Over the past 37 days, the nine recently launched spot bitcoin exchange-traded funds (ETFs) have swiftly amassed an impressive total of 264,232.74 bitcoins, now valued at nearly $13 billion according to current exchange rates.

Leading the group, Blackrock’s IBIT ETF holds a significant 43% share of this sum, boasting 115,989.80 bitcoins in its holdings. Bitcoin’s recognition as a mainstream asset is solidifying further with the growing involvement of institutions and if the price advances above the resistance that stands at $55,000, the next target could be $60,000.

What indicates a downfall for Bitcoin (BTC)

Bitcoin has an important support level at $50,000, and a break below this level would indicate that BTC could probably test the next support level which stands at $45,000. Negative information is that there has been an apparent decline in the involvement of retail investors in the Bitcoin market and this shift comes despite the recent surge in the flagship cryptocurrency’s price. This observation stems from the notable decline in the daily generation of new Bitcoin addresses.

As reported by the crypto intelligence platform Glassnode, this metric monitors the count of unique addresses that emerge for the first time in a transaction involving the native coin within the network. The highly volatile nature of the cryptocurrencies may scare investors again to sell BTC if some negative news happens in the cryptocurrency market. At the same time, the macroeconomic landscape remains uncertain; major central banks will continue to keep interest rates at restrictive levels to fight against inflation, and risk-on assets such as cryptocurrencies could suffer again in such conditions.

What do analysts and experts say?

Bitcoin (BTC) has surged past the $52,000 mark this week, reaching an intraday high of $52,890, and the main question is, does it have more bullish strength left, which depends on both technical and fundamental factors.

It is important to say that Bitcoin advanced nearly 100% over the last six months over the excitement surrounding the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, along with the demand these funds brought in for the cryptocurrency. Coinbase analysts said that they believe Bitcoin should remain well supported in the next three to six months, as more institutional players adjust to the new ETF reality.

Whale activity increases

Anthony Scaramucci, the founder of SkyBridge Capital, has also upheld a prediction of a substantial price surge for the flagship cryptocurrency. He predicts that the price at the time of Bitcoin’s halving, multiplied by four, indicates where Bitcoin’s price could head in that cycle. Yet another on-chain revelation has surfaced, offering some support for the notion of heightened institutional involvement. As reported by the analytics platform Santiment, activity among BTC whales has been intensifying recently, reaching its peak level in over 20 months.

Data from Santiment shows that wallets with 1,000 – 10,000 BTC are on an accumulation spree, adding roughly 249,000 coins (worth about $12.8 billion) in 2024 only. However, it is worth mentioning that a lower tier of investors (100 – 1,000 BTC) has sold more than 151,000 Bitcoin since the year started.

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