Monday, March 4, 2024

Bitcoin Weekly Forecast: $43,750 in Focus as January Nears End.

On Friday, the price of bitcoin (BTC) broke out of consolidation on the weekly time frame, but the daily time frame displays a sharp decline. However, when financial company JPMorgan stated that profit-taking on GBTC has essentially been completed, recovery attempts seem to be under way.

Redeeming GBTC in grayscale is the most exaggerated story
Redeemations from the Grayscale Bitcoin Trust (GBTC) have been closely linked to the decline in the price of bitcoin (BTC). One of the few options available to US-based investors to get exposure to Bitcoin without actually owning the underlying cryptocurrency was the GBTC, which was transformed into an ETF on January 11.

But after the historic clearance on January 10, investors jumped at the chance to cash in their GBTC and profit from their investments. As a result, there was a decrease in the price of Bitcoin since money was exiting the cryptocurrency market. Many macro-bears are aiming for $35,000 or even lower for the price of Bitcoin.

Conversely, there exist other organisations dedicated to growth that show no indications of abating. This draws attention to a significant issue with the long-term or macro-bearish projections that are circulating. It demonstrates that significant market moves typically follow the caprices of a small number of unpredictable key participants.

Now that spot BTC ETFs have been approved, bringing TC to Wall Street, the likelihood of big new players entering the market at any time has completely changed. The ETFs increase Bitcoin’s credibility, visibility, and accessibility for the more traditional participants, such as governments and funds.

For the majority of market participants, this may be all that is required in order to include Bitcoin on their balance sheet for the first time. This explains why Bitcoin stored in addresses holding more than 1,000 BTC has hit a new yearly high, even with the negative price trend.

The monthly close and crucial levels of $43,750 and $42,726 determine the fate of the bitcoin price.

The final week of the month begins this weekend, so it’s significant. In the meantime, the price of bitcoin is approaching $43,750, which is a significant level from a trend perspective, and then $48,000.

The weekly period would indicate a trend recovery if the price of Bitcoin is able to push back inside the boundaries of the ascending channel, namely the $43,750 mark. This would probably position us to smash $48,000 and then hit new highs, especially when combined with a bullish weekly candle.

On the other hand, should the price of Bitcoin fail to break through the $43,750 roadblock or close below the $40,726 support on a weekly basis, this might confirm the trend change on the weekly time frame and bring about an ugly weekly candle, which would usually signal the start of a high time frame reversal.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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