Bitcoin

Grayscale Bitcoin Trust

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) delivered yet another all-time high on March 14 as anticipation of further BTC price upside grew.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/84a9bcf9-6db2-44cb-9533-e981b8a78bbf.png">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 id="btc-price-another-day-another-all-time-high">BTC price: Another day, another all-time high</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> captured a new $73,794 record on Bitstamp.
Bitcoin had bounced back strongly overnight, erasing any trace of the weakness seen before the prior Wall Street open.
“Bitcoin dipped again earlier this week and once again successfully retested old All Time Highs as support,” popular trader and analyst Rekt Capital <a href="https://twitter.com/rektcapital/status/1767953114630345185" target="_blank" rel="noopener nofollow">noted</a> about recent events on X (formerly Twitter).
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/b5cc4e81-6080-4931-b150-c79387a575d3.png">
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 BTC/USD 1-week chart. Source: Rekt Capital/X
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<a href="https://cointelegraph.com/news/bitcoin-6-months-etf-liquidity-crisis-analysis">Excitement around familiar supply trends</a> continued on the day, this centered on the buy-side impact of the United States’ spot Bitcoin exchange-traded funds (ETFs).
These saw net inflows of $683.7 billion on March 13, per <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">data</a> gathered by United Kingdom-based investment firm Farside. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/cb134d99-0dab-4b86-ae73-690887aa1022.png">
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 Bitcoin ETF flows (screenshot). Source: Farside
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This far outpaced the day’s outflows from the Grayscale Bitcoin Trust (GBTC), firmly swinging supply squeeze momentum in bulls’ favor.
Reacting, statistician Willy Woo, creator of Bitcoin data resource Woobull, described the institutional products as “just getting started,” <a href="https://cointelegraph.com/news/bitcoin-bull-cathie-wood-ark-invest-btc-price-target-1m">echoing sentiment</a> from Cathie Wood, CEO of one ETF provider, ARK Invest.
“The ETFs are just getting started, institutions and wealth management platforms will take a couple of months to complete due diligence before proper allocation begins,” part of an X post <a href="https://twitter.com/woonomic/status/1768096245711868359" target="_blank" rel="noopener nofollow">predicted</a>.
An accompanying chart shows overall Bitcoin network inflows, with the ETFs delineated as a small patch of dark green.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/017d94ad-ed3e-475c-889b-613e15a7ab6c.png">
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 Bitcoin Network Flows. Source: Willy Woo/X
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Also of interest to hodlers was news that tech firm MicroStrategy, currently the public company with the largest Bitcoin treasury, planned to amass more than 1% of the total BTC supply.
MicroStrategy, which currently owns 205,000 BTC, intends to <a href="https://cointelegraph.com/news/microstrategy-second-notes-offering-march-buy-more-bitcoin">spend $500 million on more</a>, taking its tally above the 210,000 BTC threshold. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/b410f40b-e768-4d26-a4f5-ea126d1608ee.png">
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 Source:&nbsp;https://twitter.com/hodlonaut/status/1768013689062371814
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<h2 id="capriole-s-edwards-bitcoin-getting-ready-for-a-big-move">Capriole's Edwards: Bitcoin "getting ready for a big move"</h2>
<a href="https://cointelegraph.com/news/bitcoin-price-correction-5-weeks-halving">Despite some misgivings</a> over whether BTC price action would be able to sustain current momentum, bullish calls remained vocal on the day.
Related: <a href="https://cointelegraph.com/news/bitcoin-6-months-etf-liquidity-crisis-analysis">Bitcoin has 6 months until ETF ‘liquidity crisis’ — New analysis</a>
Among the optimists was Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, who forecast imminent fresh upside for BTC/USD.
“Bitcoin's getting ready for a big move,” he <a href="https://twitter.com/caprioleio/status/1768161815152726190" target="_blank" rel="noopener nofollow">told</a> X subscribers, adding in <a href="https://twitter.com/caprioleio/status/1768052249501356426" target="_blank" rel="noopener nofollow">another post</a> that "a billion a day keeps the dip away," referring to <a href="https://cointelegraph.com/news/bitcoin-etfs-record-1-b-daily-inflow">recent ETF inflows</a>.
Last week, as <a href="https://cointelegraph.com/news/bitcoin-deep-value-over-btc-price-nears-70k">Cointelegraph reported</a>, Edwards pronounced the “deep value” era for Bitcoin dip-buying as having come and gone.
“That ship has sailed,” he said. 
<blockquote>
 “You had 2 years to pick up undervalued Bitcoin. Instead an exciting new chapter has begun.”
</blockquote>
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 analyst expects 'big move' as BTC price taps new $73.8K record

Daftar Isi

Cointelegraph

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