Bitcoin's bullish trend bolstered by institutional demand and shifting investment patterns. Bitcoin’s price is primed for a surge that could hit record-breaking highs this week, according to a 10X Research report shared with CryptoSlate.
The report outlines key factors driving this bullish momentum. It suggests that Bitcoin will experience a significant upswing if the outflows from Grayscale’s Bitcoin ETF drop below $100 million while substantial inflows continue to BlackRock.
These ETFs, launched in January, have notably influenced Bitcoin’s price, propelled by institutional demand. Markus Thielen, the founder of 10X Research, said this influence contributed to a notable 43% increase, amounting to $18,615, in Bitcoin’s price during February.
As I am writing this post, Bitcoin is magnificently standing at $68,109.28 (https://coinmarketcap.com/currencies/bitcoin/) and we are expecting more as days of March are leading us to the next halving event around April.
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Bitcoin price surge on horizon as OTC desks dry up
The closer we get to halving, the higher the probability of correction, but it is surprising that yesterday a few dollars of 68,289.63 ATH was recorded, and all scenarios are still open, so the current cycle of Bitcoin may differ completely from previous cycles.
While reading this post I noticed that the price has dropped about 3% in the last hour and we are approaching the $65 000 price point. It seems that a small correction is on the way, now the only question is what is the main reason for it. However, I would not say that there is reason to worry, there are those who estimate that it is time to take the profit and go to a well-deserved retirement.
The closer we get to halving, the higher the probability of correction, but it is surprising that yesterday a few dollars of 68,289.63 ATH was recorded, and all scenarios are still open, so the current cycle of Bitcoin may differ completely from previous cycles.
If the ath is clearly beaten, which could happen as early as this March, we will see an irregularity in the previous patterns, but in any case a positive one for us. Hopefully this will be the case and a good omen for what is to come.
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For me the reason for the drop is that it is normal. When the price approaches the previous ath there is resistance because almost everybody is in profit and there are a lot of sell orders. It usually takes several times of approaching the ath and falling until it finally breaks.
but buying at nearly 70k means that you are taking a risk. Doesn't mean you shouldn't, it just means that you should be careful with what you have.It is surely better to buy BTC when the price is lower, but not everyone can do that, and no matter how high the price of BTC goes, people would continue buying. There are also fomo buyers, people who never buy when the price is low, and they only buy BTC when the price starts to pump and when they can smell the chance of missing out.
but buying at nearly 70k means that you are taking a risk. Doesn't mean you shouldn't, it just means that you should be careful with what you have.It is surely better to buy BTC when the price is lower, but not everyone can do that, and no matter how high the price of BTC goes, people would continue buying. There are also fomo buyers, people who never buy when the price is low, and they only buy BTC when the price starts to pump and when they can smell the chance of missing out.
I'm thinking it'll dump to maybe 58k region before the real bull beginsMaybe it could happen, or maybe not. So many people are talking about this correction, but we will see if it happens and how low the price is going to drop. However, if i wanted to buy some coins, i would buy it now, instead of waiting for the price to dump a little bit, when you are not sure if it is going to happen anytime soon.
It will be interesting to see what happens in the next few weeks, because some "experts" are talking about the fact that the market could suddenly cool down and mention a return to $40k.
If the 'experts' say that, what I think we will have to do is buy more. It's like the 'experts' predicting that the S&P 500 was going to collapse since 2013 or so when I started investing. As I said on the other forum, you only have to look at the charts to intuit where the price is most likely to go:
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There is a lot of buying pressure exceeding supply, and after a few bounces around the ath the price can only go up.
I agree, because many of these "experts" are actually trying to bring a little panic to the market in order to cause a correction for their own or someone else's interest - and for all those who are buying tens of thousands of BTC today, this means huge savings. The demand driven by ETFs is really incredible and if they continue at the same pace in some 2-3 months they could even have about 1 million BTC - of course assuming that there are no significant outflows, which is currently not the case.
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The only doubt I also have is if in this rise some dip could pierce the $70,000 level downwards, and then go up again.
I agree, because many of these "experts" are actually trying to bring a little panic to the market in order to cause a correction for their own or someone else's interest - and for all those who are buying tens of thousands of BTC today, this means huge savings. The demand driven by ETFs is really incredible and if they continue at the same pace in some 2-3 months they could even have about 1 million BTC - of course assuming that there are no significant outflows, which is currently not the case.
That's for sure, when we see 'predictions' from these big players we have to think if there is no hidden interest behind them. I am glad I was right at least for the moment with mine, as the price is currently at 72.000$, now we can talk about a break of the ath. I would expect the price to go up, with some dips, obviously, to around $100,000, where I think the price will stay for a while. The only doubt I also have is if in this rise some dip could pierce the $70,000 level downwards, and then go up again.