Bitcoin is in a recovery phase after collapsing as soon as it hit a new all-time high on March 5th. At press time, the leading cryptocurrency has gained 1.5% over its valuation from the previous day, indicating that the selling pressure is starting to wear off.
Bitcoin Could Reclaim $69,000 if Bulls Manage to Push Past the Resistance Level at $68,450
An analysis of the BTC/USD 4-hour chart showed that bulls were aggressively buying the dip to contribute to the recovery. Furthermore, the increasing demand for the spot Bitcoin exchange-traded funds (ETFs) as well as the hike in their trading volume also played a key role in triggering the move to the upside.
As it stands, the bears are losing control, but buyers might face resistance at $68,453. Bitcoin can reclaim the $69,000 mark if bulls start pushing above the resistance.
In the best-case scenario, a successful close could lead to a price extension that would place Bitcoin as high as $72,000. However, this would depend on the bulls and their ability to defend the $66,186 support. Any rejection at the resistance level could force a descending trend that could plunge Bitcoin below $63,000.
Galaxy Digital CEO Says BTC Could Hit $100,000 In 2025
During a recent interview with Fox Business, Michael Novogratz, the CEO of crypto asset management firm Galaxy Digital, said he believes Bitcoin will rebound despite the recent price fluctuations.
Novogratz predicts that the leading cryptocurrency could be priced at $100,000 before the end of the year. He also noted that BTC could fluctuate between $58,000 and $69,000 before experiencing a strong upward push.
The prominent crypto figure emphasized the increasing momentum in the spot BTC exchange-traded funds as a key driver for the growth experienced by Bitcoin, suggesting a bullish outlook for the crypto asset.
He also predicted that Bitcoin could drop down to the mid-$50,000 range following its remarkable 40% rise since the turn of the year. He sees this as an excellent opportunity to buy BTC.
In another interview given to Bloomberg, Novogratz cautioned about the “frothy” state of cryptocurrencies, arguing that many new investors are buying the asset, which could lead to price increases before the block reward halving takes place on Bitcoin.
Bitcoin’s price is expected to experience a prolonged consolidation phase between $60,000 and $69,000. This is due to the ongoing selling trend among long-term holders of the crypto asset.
An analysis by IntoTheBlock reveals a significant buy-wall for Bitcoin at $59,300, suggesting a potential price reversal if the long-term holders maintain their positions. However, the selling pressure pushed on by the bears near the resistance at $70,000 would make a short-term move to the next expected ATH of $75,000 unlikely.
Bitcoin to Experience Price Correction Before the End of April’s Halving
On March 5th, Bitcoin hit an overbought level according to the Relative Strength Index (RSI). This was one of the reasons why its price retraced below $64,000 on the very same day it recorded an all-time high.
The RSI reading indicated increasing bearish momentum that could make it difficult for Bitcoin to cross into the $70,000 region. If the bullish scenario is strong, then the BTC price could pull back to a low of $49,578.
However, this price correction might not happen until the end of the Bitcoin halving, as capital could rotate from BTC to other alternative cryptocurrencies. Meanwhile, in the short term, the outlook for Bitcoin seems to be bullish and if buying pressure continues to increase, then BTC could cross $72,000.
At the time of writing, Bitcoin is trading at $66,987 – up 1.6% in the last 24 hours.
