After a hiatus of 846 days, Bitcoin finally reached a new all-time high of around 23:05 last night (5), but quickly plummeted, sparking discussions about the future development of Bitcoin in the market.
(Summary:
Breaking News! Bitcoin breaks through $69,000, reaching a new all-time high after 846 days.)
(Background:
Bitcoin returns to become the 9th largest global asset! Market value surpasses $1.3 trillion, only 1% away from silver.)
Table of Contents
Galaxy Digital Founder: Bitcoin may retrace to $55,000 and reach a new high
PlanB: Expecting a 10-month crazy bull market accompanied by multiple 30% retracements
Arthur Hayes: Bitcoin may drop 20-30% in early March
The Market Ear analyst: Technical indicators show Bitcoin is severely overbought
Matrixport Co-Founder Daniel Yan: Bitcoin may experience a 15% pullback in April
JPMorgan analyst: Bitcoin may drop to $42,000 after the halving in April
After a long wait of 846 days (November 10, 2021), Bitcoin finally reached a new all-time high of $69,080 last night, triggering a wave of emotions in the community: “Bitcoin no longer owes anyone!”
Unexpectedly, Bitcoin quickly plummeted right after reaching the historical high, dropping $10,000 to $59,000. Many investors who were ready to buy Bitcoin when it broke the new high lamented:
(Image: BTC spot | Source: OKX)
The rapid 15% decline in Bitcoin this time may be a healthy retracement, clearing excessive leverage and laying a foundation for the future bull market. Or it may indicate that Bitcoin has reached its peak and will slide down. More time is needed to verify.
At this moment, the following article also compiles the interpretations and future trend judgments of several well-known crypto analysts regarding Bitcoin, for readers’ reference.
Galaxy Digital Founder: Bitcoin may retrace to $55,000 and reach a new high
Before Bitcoin reached a new all-time high, Galaxy Digital founder and CEO Mike Novogratz mentioned in an interview with Bloomberg last Thursday that he believed Bitcoin might experience some retracement:
Michael believes that compared to the recent bull market in 2021, the leverage ratio of large institutional participants in the current cycle is lower, but the leverage ratio of retail traders is too high. However, he also stated that Bitcoin prices will increase significantly next year.
Read the full article:
Galaxy Digital CEO: Bitcoin may retrace to $55,000 and then reach a new high
PlanB: Expecting a 10-month crazy bull market accompanied by multiple 30% retracements
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 crazy bull market of about ten months that would make people FOMO:
However, he also mentioned that this period would be accompanied by multiple 30% declines, so investors should be cautious about operating with excessive leverage.
Read the full article:
PlanB: Bitcoin accumulation phase ends, “10-month raging bull market” begins, accompanied by multiple 30% declines
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” in early January that Bitcoin would drop 20-30% in March.
Hayes predicted that RRP would be exhausted and BTFP would be canceled on March 12th but expected to resume on the 20th. The Federal Reserve may also cut interest rates.
This could lead to a 20-30% price correction in Bitcoin in early March, and if the U.S.-listed Bitcoin spot ETF has started trading, the correction could be even greater. To hedge against market downside risks, Hayes stated that he plans to buy Bitcoin put options and will closely monitor market trends between March 12th and 20th to decide when to close the position.
Read the 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
A research report published by The Market Ear on February 29th showed that analysts pointed out that Bitcoin’s Relative Strength Index (RSI) reached 88 in the past two weeks, a level that Bitcoin has never reached in the $60,000 price range in history. This may indicate that Bitcoin is severely overbought.
In addition, Bitcoin’s current trading price has exceeded the 200 MA by about 70%. Looking back at three similar situations in 2021, two of them resulted in significant market declines. Therefore, last night’s decline seems to confirm the judgment of this technical indicator.
Read the full article:
RSI and moving averages show Bitcoin is “severely overbought,” analyst warns to be cautious when entering BTC now
Matrixport Co-Founder Daniel Yan: Bitcoin may experience a 15% pullback in April
Regarding the trend of Bitcoin after breaking through $60,000, Matrixport co-founder Daniel Yan also stated in a post on X on the 28th that the current market sentiment has reached a level where caution should be exercised, and he believes that Bitcoin will experience a healthy 15% pullback shortly after the halving event in late April.
At the same time, Yan also pointed out that this pullback is likely to start in March, as March is a relatively vulnerable month for the crypto market.
Read the full article:
Matrixport analyst: This bull market will continue until 2025 with Bitcoin “hitting $125,000,” the only black swan is?
JPMorgan analyst: Bitcoin may drop to $42,000 after the halving in April
Nikolaos Panigirtzoglou, the lead JPMorgan analyst, predicted in a report released last Wednesday that the Bitcoin block reward halving event planned for April will reduce the miners’ reward from the current 6.25 BTC per block to 3.125 BTC.
They warned that this halving would have a negative impact on miners’ profitability and could increase Bitcoin’s production costs, thereby affecting its market price. Analysts expect the price of Bitcoin to drop to $42,000 after the halving.
Read the full article:
JPMorgan: Bitcoin may drop to $42,000 after the halving in April, the return of the mining difficulty tsunami?
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