Bitcoin Will Reach A New All-Time High This Week, Matrixport Head Of Research Says
04 Marzo 2024 - 4:00PM
NEWSBTC
Bitcoin saw an incredible month in February, adding over $18,000 to
its value in a single month. This outperformance has now carried on
into the month of March, which has seen the Bitcoin price cross the
$65,000 mark for the first time since 2021. As BTC trades in the
green, expectations remain that the performance will continue.
Bitcoin Shows Strong Fundamentals In a new report shared with
NewsBTC via email, the head of research at Matrixport, Markus
Thielen, put forward that the Bitcoin price was headed for another
all-time high this week. This report highlighted the BTC price
performance over the last year, as well as in February, in which
the price rose a total of $18,615 in a single month. Additionally,
the analyst pointed out that despite the slowdown in Bitcoin Spot
ETFs that were seen toward the end of February, it hasn’t affected
BTC’s bullishness by much. Related Reading: $906 Million Worth Of
Ethereum Leave Exchanges Last Week – ETH To $4,000? The crypto
analyst explains that institutional buying is not just happening in
the United States either. There has also been a large uptick in
buying volume across other countries, including the likes of Korea
where volumes have reached near $8 billion for five consecutive
days. Interestingly, the buying is not just limited to Bitcoin
either as there are also inflows into altcoins and meme coins.
Furthermore, the anticipation of Hong Kong launching its own Spot
Bitcoin ETF, as well as BlackRock taking the plunge and launching a
Bitcoin ETF in Brazil, also proves that there is a lot of demand.
So despite the decreased inflows that were seen last week, Thielen
explains that if Grayscale’s outflows keep dropping, reaching
between $0-$100 million, then he expects further rally for the
Bitcoin price. Thielen also pointed out that the Untied States debt
is growing exponentially and Bitcoin now offers better macro upside
compared to gold. This plays into the bullish potential of BTC
going forth. “ Previously we have shown that 30-40% of the Bitcoin
ETF inflows appear to come out of Gold ETFs and with $80bn of
assets-under-management, those re-allocation flows can continue. We
have also shown numerous times that Bitcoin has become a better
macro asset than Gold as Bitcoin’s reaction function towards
changes in interest rate expectations, announcement of
wars/conflicts, etc., has become superior (we backtested this).”
BTC Price Headed For New All-Time High Among the factors driving
the Bitcoin price identified by the analyst was a significant
decrease in the amount of over-the-counter (OTC) BTC available for
large institutions. Spot Bitcoin issuers such as BlackRock tend to
utilize these OTC desks for purchases in order to reduce the impact
of their buying on the price. However, these OTC sellers have
reported that their balances have dropped 80% in the last year from
around 10,000 BTC to less than 2,000 BTC. Related Reading: Crypto
Exchange Says Cardano Price Can Reach $165, Here’s When Thielen
also points out that the same trend is seen in exchanges where
balances have declined across trading platforms such as Binance and
Coinbase. Both of these, which are currently the Bitcoin trading
powerhouses of the world, saw a total of 48,000 BTC leave their
balances in a month. Given these developments, the crypto analyst
explains that investors are not price-sensitive at this time. So,
the expectation for this week is that Bitcoin makes a new all-time
high. If this happens, then the market could see BTC tap $70,000
this week. BTC price surpasses $65,000 | Source: BTCUSD on
Tradingview.com Featured image from Capital.com, chart from
Tradingview.com
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