Bitcoin (BTC) made headlines as it reached a peak of $64,000 on Feb. 28, the highest in 830 days. Market indicators suggest that a new all-time high above $70,000 could be imminent for the pioneer cryptocurrency.

Bitcoin Whales in Control

The recent approval of Bitcoin ETFs marked a significant moment for the crypto industry. The overall market capitalization surged by $450 billion to reach a three-year peak of $2.25 trillion on Feb. 28.

A closer look at on-chain data reveals that large corporate entities and high net-worth investors are actively participating in the BTC market. The legitimacy provided by the U.S. Securities and Exchange Commission’s approval has played a crucial role in this trend.

Whales currently hold 11.7 million BTC, accounting for 60% of the total supply in circulation, the highest in over two years. This significant market control is likely to drive Bitcoin’s price toward new all-time highs above $70,000 in the near future.

Price Forecast for Bitcoin

As of Feb. 28, BTC is trading at $59,141. If the current buying trend among Bitcoin whales continues in March 2024, the price could rally towards $70,000.

However, historical accumulation trends indicate strong resistance around $62,400. Breaking through this level could lead to a surge towards new all-time highs.

On the other hand, a sharp downswing below $55,000 could signal bearish control. But with support at the $57,360 territory, a significant drop seems unlikely at the moment.

Overall, Bitcoin’s price forecast remains optimistic, with the potential for further gains in the coming weeks. Stay updated with Global Crypto News for more insights into the cryptocurrency market.

Post Views: 3