Bitcoin Price Surges Above $70,000 Level; Is New ATH on Cards Before March End?

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Bitcoin successfully rose, breaching the $70,000 milestone during U.S. trading hours, which renewed investor optimism. This victorious return came following a period of volatility. 

Meanwhile, Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) also witnessed notable upswings, upsurging overall market sentiment.

Bitcoin’s impressive Monday rally threw the prices past $70,000, marking more than 7% uprise within 24 hours. 

Markus Thielen, founder of 10x Research, anticipates this breakout as a potential catalyst for further gains, stating, “When previous market cycle tops were retested and broken once more, BTC has tended to put in significant rallies.” 

Thielen’s analysis suggests that the optimism surrounding Bitcoin’s future trajectory is most likely to set price targets as high as $83,000 and beyond as

“The Fed signaled that they are willing to accept higher inflation for longer and are eager to slow down quantitative tightening. The Bank of Japan and the Swiss National Bank also surprised on the dovish side.”

The much-anticipated Bitcoin halving is only 25 days away, reducing the reward for miners by half of its present value. The halving event, poised to take place every 4 years, is potentially set to impact supply dynamics of Bitcoin, further soaring the prices.

John O’Loghlen, Coinbase Asia-Pacific Managing Director says, “I think you can’t decouple the new demand for Bitcoin with the announcement of the spot ETFs. I think that that’s a reality that sunk in and then we need to watch where does it go from here.” 

The BlackRock Institutional Digital Liquidity Fund’s outstanding inflow records are due to a staggering $500 million within the first week. However, Grayscale, another prominent digital asset manager, experienced record outflows this previous week, with investors withdrawing $942 million from its investment products fund.

Grayscale’s latest outflow caused an end to the seven-week streak of capital inflows of ‘The Nine’ Bitcoin ETF issuers.

Despite the outflows, Bernstein, an investment firm, remains bullish on Bitcoin’s prospects, raising its year-end forecast to $90,000. 

Investors are closely watching the price of Bitcoin reach record highs. While the Bitcoin ETF launch has significantly resulted in a price surge and significant inflows single-handedly, crypto community members are curious to see how the upcoming market events, such as the Bitcoin halving as well as the Fed rate change, can affect the Bitcoin price, might as well surge it to $83k mark.