Bitcoin is a digital currency that functions as a peer-to-peer electronic cash system and it enables direct transactions between individuals, eliminating the need for intermediaries like central banks or third parties. Bitcoin has gained huge popularity in the crypto market due to its real use cases.
The BTC has experienced a massive rally over the last year with a 115% increase in value. Currently, Bitcoin is trading at around $48,156.90 with a market cap of $945 billion.
Further, after reaching a peak of $48,500 last weekend, the price of the Bitcoin token has experienced a slight pullback to around $48,000. The recent pause in the rally towards $50,000 is due to investors closely monitoring the upcoming release of CPI data later this month.
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Anticipating US Economic Data and FOMC Speeches
As the week progresses, investors are eagerly awaiting the release of significant economic indicators from the United States. These include the January Consumer Price Index (CPI) and Producer Price Index (PPI) data, which will provide valuable insights into the state of the economy.
In addition, several members of the Federal Open Market Committee (FOMC) are scheduled to deliver speeches, offering further clarity on the central bank’s monetary policy outlook.
Market sentiment is currently centered around the anticipated decision of the Federal Open Market Committee (FOMC) regarding interest rates during its upcoming meeting on March 20, 2024. According to the Chicago Mercantile Exchange (CME), there is an 82.5% probability assigned to the FOMC maintaining interest rates unchanged.
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This suggests that there is a prevailing expectation for a stable interest rate environment in the near term. Traders and investors are closely watching this development to gauge the potential impact on various financial markets.
Meanwhile, the Crypto analyst Michael van de Poppe has recently noted the impressive resilience of Bitcoin within the $48,000 to $50,000 range. This observation suggests a positive outlook for the market, potentially fueled by growing institutional interest.
Van de Poppe speculates that Bitcoin has the potential to reach higher price levels, projecting a range of $53,000 to $57,000 before the upcoming halving event.
Further, one more popular crypto analyst Alin Martinez has recently observed an astonishing trend in the Bitcoin market. Over the past three weeks alone, Bitcoin whales have been actively engaging in a significant buying spree, accumulating a staggering 140,000 Bitcoins. This remarkable acquisition amounts to an impressive valuation of over $6.16 billion.
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Is Bitcoin Set to Soar Beyond All-Time Highs in 2024?
With the recent increase in institutional buying, the popularity of Spot Bitcoin ETFs, and positive market sentiment, many popular experts are predicting that Bitcoin may surpass its all-time high of $64,863 in 2024
According to our expert’s technical analysis, the BTC Coin can easily hit its ATH level by the end of March 2024 and can go as high as $83,451 by the end of 2024. If there is any bearish performance in the market or any negative news surrounding the market, Bitcoin can fall down to $54,781.
However, it is important to note that cryptocurrency markets are notoriously volatile, and predicting future prices can be challenging. Other factors could potentially affect the value of Bitcoin, such as regulatory changes and competition from other cryptocurrencies.
Also Read: Bitcoin (BTC) Price Prediction
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
