After an 846-day absence, Bitcoin finally reached a new all-time high of around 23:05 last night, only to quickly plummet, sparking discussions about the future development of the Bitcoin market.
(Previous summary:
Breaking News! Bitcoin breaks through $69,000, reaching a new all-time high after 846 days.
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(Background:
Bitcoin regains its position as the 9th largest global asset! Market cap surpasses $1.3 trillion, less than 1% away from silver.
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Table of Contents:
Founder of Galaxy Digital: Bitcoin may pull back to $55,000 and reach a new high.
PlanB: Expect a wild bull market for 10 months, but with multiple 30% pullbacks.
Arthur Hayes: Bitcoin may drop 20-30% in early March.
The Market Ear Analyst: Technical indicators show Bitcoin is severely overbought.
Co-founder of Matrixport, Daniel Yan: Bitcoin may drop 15% in April.
JPMorgan analyst: Bitcoin may fall to $42,000 after the halving in April.
After an 846-day absence (November 10, 2021), Bitcoin finally reached a new all-time high of $69,080 last night, causing a wave of sentiment in the community: “Bitcoin no longer owes anyone!”
Unexpectedly, Bitcoin quickly plummeted after reaching its historical high, dropping by $10,000 to $59,000. Many investors who were planning to buy Bitcoin at the new high were left distraught.
Will this rapid 15% decline in Bitcoin be a healthy correction, clearing out excessive leverage and laying the foundation for the next bull market? Or does it indicate that Bitcoin has reached its peak and will slide downward? More time is needed to verify.
At this moment, the following sections summarize the interpretations and future trends of Bitcoin by several well-known cryptocurrency analysts for the readers’ reference.
Founder of Galaxy Digital: Bitcoin may pull back to $55,000 and reach a new high
Before Bitcoin reached its new all-time high, Mike Novogratz, founder and CEO of Galaxy Digital, stated in an interview with Bloomberg last Thursday that he believed there might be some pullback in Bitcoin.
Michael believes that compared to the recent bull market in 2021, the leverage ratio of large institutional participants is lower in the current cycle, but the leverage ratio of retail traders is too high. However, he also mentioned that Bitcoin prices will rise significantly next year.
Full article:
Galaxy Digital CEO: Bitcoin may pull back to $55,000 before reaching new high.
PlanB: Expect a wild bull market for 10 months, but with multiple 30% pullbacks
PlanB, the anonymous analyst famous for the Stock-to-Flow (S2F) model, released a cyclical chart of Bitcoin on March 1st on Twitter, indicating that the accumulation phase of Bitcoin has ended and will be followed by a wild bull market for about ten months that will make people experience FOMO (fear of missing out).
However, he also mentioned that this period will be accompanied by multiple 30% or more pullbacks. If his prediction is correct, investors should be cautious and avoid excessive leverage in their operations.
Full article:
PlanB: Bitcoin accumulation phase ends, “starting a 10-month wild bull market” with multiple 30% pullbacks.
Arthur Hayes: Bitcoin may drop 20-30% in early March
Arthur Hayes, the legendary trader and co-founder of BitMEX, who has unique insights into cryptocurrencies, predicted in an article titled “Signposts” published in early January that Bitcoin would drop by 20-30% in March.
Hayes expects the Reserve Repurchase Program (RRP) to be exhausted and the BitMEX Funding Target Rate (BTFP) to be removed on March 12th, with a possible interest rate cut by the Federal Reserve. This may cause a 20-30% price correction for Bitcoin in early March, and if the US-listed Bitcoin spot ETF has started trading, the correction may be even greater. To hedge against downside risks in the market, Hayes plans to purchase Bitcoin put options and closely monitor market trends between March 12th and 20th to decide when to close his positions.
Full article:
Arthur Hayes predicts a 20-30% Bitcoin correction in March, beware of these three economic landmines.
The Market Ear Analyst: Technical indicators show Bitcoin is severely overbought
According to a research report by The Market Ear released on February 29th, analysts pointed out that Bitcoin’s Relative Strength Index (RSI) had reached 88 in the past two weeks, a level never seen before in Bitcoin’s price range of $60,000. This indicates that Bitcoin is severely overbought.
Furthermore, Bitcoin’s current trading price has exceeded the 200-day moving average (MA) by about 70%. Looking back at three similar situations in 2021, two of them were followed by significant market declines. Therefore, last night’s decline seems to confirm the judgment of this technical indicator.
Full article:
RSI and moving averages show Bitcoin is “severely overbought,” analyst warns to be cautious when entering BTC now.
Co-founder of Matrixport, Daniel Yan: Bitcoin may drop 15% in April
Regarding Bitcoin’s trend after breaking $60,000, Daniel Yan, co-founder of Matrixport, also posted on Twitter on the 28th of last month, stating that the market sentiment has reached a level where caution should be exercised, and he believes that Bitcoin will experience a healthy 15% correction shortly after the halving event in April.
At the same time, Yan pointed out that this correction is likely to start in March, as March is a relatively vulnerable month for the cryptocurrency market.
Full article:
Matrixport analyst: This bull market will continue until 2025 with Bitcoin reaching $125,000, the only black swan is?
JPMorgan analyst: Bitcoin may fall to $42,000 after the halving in April
Nikolaos Panigirtzoglou, the JPMorgan analyst, and his team predicted in a report released last Wednesday that the upcoming Bitcoin halving event in April, which will reduce the Bitcoin miners’ reward from the current 6.25 BTC per block to 3.125 BTC, will negatively impact miners’ profitability and potentially increase Bitcoin’s production costs, thereby affecting its market price. The analysts expect the price of Bitcoin to drop to $42,000 after the halving.
Full article:
JPMorgan: Bitcoin may fall to $42,000 after the halving in April, mining difficulty tsunami is coming.
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