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Home » Bitcoin price reaches new record of $73.8K, sparking anticipation for significant market shift, according to cryptocurrency analyst.
Bitcoin price reaches new record of $73.8K, sparking anticipation for significant market shift, according to cryptocurrency analyst.
Bitcoin price reaches new record of $73.8K, sparking anticipation for significant market shift, according to cryptocurrency analyst.

Bitcoin price reaches new record of $73.8K, sparking anticipation for significant market shift, according to cryptocurrency analyst.

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By admin on 2024-03-14 Cryptocurrency

Bitcoin (BTC) achieved another record high on March 14 as expectations of further price increases grew.

BTC/USD 1-hour chart. Source: TradingView

BTC price: Breaking records again
Data from Cointelegraph Markets Pro and TradingView recorded a new record of $73,794 on Bitstamp.

Bitcoin rebounded strongly overnight, erasing any previous weakness seen before the opening of Wall Street.

“Bitcoin dipped again earlier this week and once again successfully retested old All Time Highs as support,” noted popular trader and analyst Rekt Capital about recent events on X (formerly Twitter).

BTC/USD 1-week chart. Source: Rekt Capital/X

Excitement surrounding familiar supply trends continued on this day, mainly focused on the buy-side impact of the United States’ spot Bitcoin exchange-traded funds (ETFs).

According to data collected by UK-based investment firm Farside, these ETFs had net inflows of $683.7 billion on March 13.

Bitcoin ETF flows (screenshot). Source: Farside

This far exceeded the outflows from the Grayscale Bitcoin Trust (GBTC) on the same day, firmly shifting the supply squeeze momentum in favor of the bulls.

Statistician Willy Woo, creator of Bitcoin data resource Woobull, described the institutional products as “just getting started,” echoing sentiments expressed by Cathie Wood, CEO of 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,” predicted a post on X.

An accompanying chart shows overall Bitcoin network inflows, with the ETFs represented as a small patch of dark green.

Bitcoin Network Flows. Source: Willy Woo/X

Hodlers were also interested in the news that tech company MicroStrategy, which currently holds the largest Bitcoin treasury among public companies, plans to accumulate more than 1% of the total BTC supply.

MicroStrategy, which currently owns 205,000 BTC, intends to spend $500 million on additional purchases, taking its tally above the 210,000 BTC threshold.

Source: https://twitter.com/hodlonaut/status/1768013689062371814

Edwards from Capriole: Bitcoin “preparing for a significant move”
Despite some concerns about whether BTC price action can maintain its current momentum, bullish calls remained strong on this day.

Related: Bitcoin has 6 months until ETF ‘liquidity crisis’ – New analysis

Among the optimists was Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, who predicted imminent upward movement for BTC/USD.

“Bitcoin is getting ready for a big move,” he told X subscribers, adding in another post that “a billion a day keeps the dip away,” referring to recent ETF inflows.

Last week, as Cointelegraph reported, Edwards stated that the “deep value” era for buying Bitcoin dips had already come and gone.

“That ship has sailed,” he said.

This article does not provide investment advice or recommendations. Every investment and trading decision carries risks, and readers should conduct their own research before making a decision.

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