Bitcoin Weekly Forecast: BTC contemplates an increase to $100,000, but when?
|- Bitcoin price set up a new all-time high of $69,210 on March 5 on the BitStamp exchange.
- Since then, BTC volatility seems to have dried up, leaving it consolidating above the $61,782 support level.
- On-chain metrics show a very bullish outlook for the pioneer crypto, further adding credence to the ongoing rally.
Bitcoin (BTC) price shows clear signs of bullishness as it hovers around its new formed all-time high (ATH) of $69,210. Although both the fundamental and technical background are massively optimistic, investors should not be surprised if BTC takes a breather and moves sideways for the next couple of days or weeks.
Also read: What’s next for crypto after $1 billion in liquidations?
Bitcoin price retains its bullishness
Bitcoin price is currently trading just below its 2021 ATH of $69,000 and above the weekly support level of $61,782. The recent wick on March 5 created a new all-time high at $69,210. But this move, while historic, also triggered a massive liquidation event where $1 billion worth of positions were wiped off from the market.
While some altcoins bounced quickly and recovered losses, others slumped.
Now, investors are wondering what’s next. So, what’s next for cryptocurrencies?
With no threatening news on the horizon, Bitcoin’s price should continue its ascent to $70,000 – a key whole number level. The imbalance zone extending from $59,313 to $53,015 will be a good place to accumulate should BTC ever dip to that low.
For now, investors speculate that the latest rally move is mostly driven by institutional flows stemming from the approval of the ETFs and that retail capital is not here yet. So, when retail investors do step in, the FOMO-driven rally in Bitcoin price could propel it toward $100,000.
BTC/USD 1-week chart
An interesting outlook from Santiment’s platform is the Supply on Exchanges metric, which has slipped from 1.01 million BTC to 885K BTC. This 11% drop shows that BTC holders are sure about the upcoming rally, which is why they’re moving their holdings off exchanges. Ideally, this outflow denotes a bullish outlook for the ecosystem.
BTC Supply on Exchanges
As expected, IntoTheBlock’s Global In/Out of the Money (GIOM) shows that nearly all BTC holders are in profit. Only a few investors that purchased 411K BTC between $65,000 to $67,400 are at break even. Since the amount of BTC held by these investors is not significant, the chances of a sell-off for Bitcoin price are very low.
BTC GIOM
All in all, Bitcoin price retains its optimistic outlook that began in 2023. But BTC might move sideways before it shoots up to $70,000. Although unlikely, if Bitcoin repeats the 2021 price action, it could see a significant sell-off to the $43,786 support level, where it could form a potential bottom and kick-start another massive rally to the $100,000 level, or even higher.
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