Greed

Bitcoin

Bitcoin&nbsp;had its highest daily close at $68,245 on March 4, beating its previous record close of $67,525 on Nov. 8, 2021. The world’s first cryptocurrency is up over 18% on the weekly and 55% on the monthly chart.
Does this mean that theBitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price is on track to reach $100,000 by the end of the year? Some analysts are expecting even higher price levels, while others are anticipating a local top at the all-time high price resistance of $69,000.
<h2 data-ct-non-breakable="true" id="etfs-could-drive-btc-price-above-100-000-by-end-of-2024">ETFs could drive BTC price above $100,000 by end of 2024</h2>
The new price-agnostic demand introduced by United States spot Bitcoin exchange-traded funds (ETFs) will help the world’s largest crypto breach its previous all-time high, according to a research report by Bitfinex analysts, shared with Cointelegraph. Notably:&nbsp;
<blockquote data-ct-non-breakable="true">
 “Our analysis forecasts a conservative price objective of $100,000-$120,000 to be achieved by Q4 2024, and the cycle peak to be achieved sometime in 2025 in terms of total crypto market capitalization.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/539c42d3-dbeb-4bd3-a250-86ed41d9db81.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-Day Chart, Source: CoinMarketCap
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</figure>
Bitcoin rose 2.85% in the 24 hours to 9:25 am UTC to trade at $66,799. Bitcoin’s price was inches away from $69,000 on March 5&nbsp;but stopped $150 short of breaching its all-time high and psychological price level.
While Bitcoin price typically consolidates immediately after the <a href="https://cointelegraph.com/learn/bitcoin-halving-2024">quadrennial&nbsp;halving&nbsp;events</a>, its best performance comes the following year, which could help Bitcoin breach above the $100,000 mark, Vetle Lunde, a senior analyst at K33 Research, told Cointelegraph.
<blockquote data-ct-non-breakable="true">
 “Based purely on data from past performance and the diminishing impact of halving rallies, Bitcoin could see a 130–150% rally in the year following the halving, which would lead to a peak in the range of $125,000–$150,000 in 2025.”
</blockquote>
Bitcoin’s bullish price action comes a day after the largest corporate Bitcoin holder, MicroStrategy, announced that it will raise $600 million as part of its <a href="https://cointelegraph.com/news/microstrategy-raise-600-million-via-convertible-note-buy-more-bitcoin">plans to buy more BTC</a>. The funds will be issued in the form of senior convertible notes, according to a March 4 X post by its executive chairman, Michael Saylor.
Related: <a href="https://cointelegraph.com/news/u-s-gov-moves-922-million-seized-bitcoin">US gov’t moved $922 million of seized Bitcoin after BTC price broke $60,000</a>
Most popular Bitcoin analysts are optimistic about Bitcoin in the near term. On March 1, pseudonymous quantitative analyst PlanB <a href="https://cointelegraph.com/news/bitcoin-analyst-planb-predicts-10-months-face-melting-fomo"></a><a href="https://cointelegraph.com/news/bitcoin-analyst-planb-predicts-10-months-face-melting-fomo">predicted that the Bitcoin bull market</a> is only starting with 10 months more of “face-melting FOMO” ahead.
Furthermore, Willy Woo, Bitcoin analyst and managing partner at CMCC Crest, said that the current rally is just a warm-up and that the “full fundamental-driven bull market” hasn’t even begun.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/88720b2d-e400-4668-b444-9b15bead05b9.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin macro index. Source: <a href="https://twitter.com/woonomic/status/1764847023549997490/photo/1" target="_blank" rel="noopener nofollow">Willy Woo on&nbsp;X</a><a href="https://twitter.com/woonomic/status/1764847023549997490/photo/1" target="_blank" rel="noopener nofollow"></a>
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="bitcoin-price-correction-coming-amid-extreme-greed">Bitcoin price correction coming amid “extreme greed?”</h2>
The Crypto Fear and Greed index, a multifactorial measure of crypto market sentiment, rose to a three-year high of 90, signaling “extreme greed” and higher chances of a correction. The last time the index was above 90 was in February 2021, followed by a local top in the spring.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/75fbe857-200c-4def-b74b-e173e1cd512a.png" alt="" title="">
 <figcaption style="text-align: center;">
 Crypto Fear and Greed Index. Source: Alternative.me
 </figcaption>
</figure>
Additionally, Bitcoin prices could still see a retracement to below $44,000 during 2024, according to technical analysis from pseudonymous Bitcoin analyst Dave the Wave, who noted in a March 5 X post:
<blockquote data-ct-non-breakable="true">
 “Though I’m comfortable with an indeterminate future, and where we’re currently at technically and potentially a pivotal point with resistance at previous ATHs, the default option has to be to stick with the continued parabolic move until at least the bold dotted line is broken.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/7222390b-2a85-4035-92d7-77a4bc250c16.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: <a href="https://twitter.com/davthewave/status/1764911136464630046/photo/1" target="_blank" rel="noopener nofollow">Dave the Wave on&nbsp;X</a><a href="https://twitter.com/davthewave/status/1764911136464630046/photo/1" target="_blank" rel="noopener nofollow"></a>
 </figcaption>
</figure>
Bitcoin’s high funding rate also bolsters the possibility of a potential correction, signaling heavy leverage use that could eventually lead to cascading liquidations. Bitcoin’s funding rate on Binance, the world’s largest crypto exchange, has reached a multi-year high of 0.0995%, according to Coinglass data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/812d7b45-e803-4dac-a0eb-39a4ec531b8a.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC historic funding rate on Binance. Source: Coinglass
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin just had its best day ever — Is $100K BTC price programmed?

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