Based

Bitcoin

Rise

Bitcoin, the world's largest cryptocurrency, fell sharply after reaching its all-time high of $69,000 yesterday evening and fell to $59,000 in about 5 hours.
While this decline and the subsequent rises caused the liquidation of more than $ 1 billion in leveraged positions, CryptoQuant analyst said that the selling pressure in Bitcoin was probably due to profits being made at historically high levels and miners disposing of some of their BTC assets.
Related News: <a href="https://en.bitcoinsistemi.com/analyst-explained-the-real-reason-for-the-decline-in-bitcoin-warned-investors-it-looks-very-similar-to-2020-there-may-be-more-to-come/" target="_blank" rel="noopener noreferrer nofollow">Analyst Explained the Real Reason for the Decline in Bitcoin, Warned Investors! "It Looks Very Similar to 2020, There May Be More to Come!"</a>
While BTC has recovered again and risen to $ 67,000, some analysts expect the correction to continue and some expect the rise to continue.
Commenting bullishly on BTC, Alex Adelman, CEO of Bitcoin reward application Lolli, evaluated BTC's movements to Coindesk.
<blockquote>
 “Bitcoin had only taken a break from its rise with yesterday's decline. At this point, we can see Bitcoin's rise continuing as it continues to outpace new production with strong demand from Bitcoin ETFs and an average daily inflow of $500 million.”
 Increased scarcity following April's halving and strong demand from retail and institutional investors will likely push Bitcoin's price higher.
 Based on historical trends following the halving, the price of Bitcoin could rise above $150,000 next year.”
</blockquote>
However, experienced analyst Ali Martinez said that the MVRV rate in Bitocin indicates a sharp correction according to historical data.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/analyst-says-bitcoins-break-is-over-announces-btc-rise-forecast/" rel="noopener noreferrer nofollow">Analyst Says Bitcoin's Break is Over, Announces BTC Rise Forecast!</a>

Analyst Says Bitcoin's Break is Over, Announces BTC Rise Forecast!

Bitcoin Sistemi EN

Other articles published on Mar 6, 2024

Over $1.1 Billion in Cryptocurrency Liquidations as Investors Act Amidst Market Surge

Dogwifhat: The Meme Coin Attracting Attention in the Crypto World

Bitcoin Price Prediction: Will Powell’s Congress Testimony Impact BTC’s 12% Bounce Back?

Why a BONE rally might not be realistic in the near term

Bitcoin price retraces from $69K ATH as BTC hodlers take profit

The Rush for BlockDAG’s Batch 2 Presale: Cardano Investors Stream in for 5000x ROIs

Join our free newsletter for daily crypto updates!