Bitcoin and Ethereum Predictions from Bitget Analysts

Ryan Lee, senior analyst at Bitget Research, made some predictions for March 2024 for Bitcoin and Ethereum.

This analysis takes into account the global situation and the possible price movements of the two major cryptocurrencies, BTC and ETH, during this month.

Bitget: Bitcoin Outlook

Lee points out that a new upward movement cycle began in Bitcoin price on February 27, pushing it past its previous yearly high of $57,000.

Additionally, BTC’s daily trading volume increased to approximately $80 billion in the spot market, while nine US Bitcoin ETFs achieved a new all-time high volume of $3.2 billion.

The institutional atmosphere is strong and optimistic, so it is true that there are only about 50 days left until the halving. There are also expectations that the Federal Reserve will cut interest rates within the year.

Lee concluded that Bitcoin has found support at $50,000 and that volatility could remain high enough in March to challenge historic highs.

In fact, the highest price that BTC reached in dollar terms was $69,000 on November 10, 2021, and currently, according to Lee himself, the upper resistance lies between $60,000 and the fateful $69,000 to be exact, and the lower support lies between $48,000 and $52,000.

Therefore, the key level is exactly $69,000, which is currently the maximum upper resistance and the all-time high for 2021.

Volatility is expected to remain high in March, so it looks like BTC could jump to $69,000 from current levels.

Predictions for Ethereum

Lee highlights that the current price of ETH is slightly weak compared to BTC, but is gradually picking up speed.

The ETH/BTC exchange rate exceeded 0.06, aided by a slight retracement after Bitcoin rose more than 10% on February 27. However, by the end of the month, it had increased by more than 13%.

However, in the first quarter of 2024, the Dencun update should be completed with various layer 2 projects and reorganizations that could boost ETH.

Therefore, in March, Lee’s Ethereum was finally able to break through the $3,500 wall with support at $3,100 and a concentrated chip area at $2,900.

Additionally, there are expectations in the US that an ETH spot ETF may be approved in May, and these expectations in March could strengthen Ethereum compared to Bitcoin.

So, according to Lee, ETH may test a range of $4,300, while the actual range will depend on market liquidity and should fluctuate between $2,500 and $3,500 in most cases.

Bitcoin and Ethereum Price Predictions for March and Beyond: What Bitget Analysts Say

Lee also added that based on past cycles, it is possible that BTC will experience further growth to reach its peak within six months to a year and a half after the halving. ETH may follow this trend.

It is also said that, thanks to the possible entry of major traditional financial institutions, the collective strength of the market could predict ETH to reach an all-time high of over $4,900 by the end of the year.

It should not be forgotten that a milestone in 2024 is the Bitcoin ​​halving in April, which could have implications for the entire cryptocurrency market.

On the one hand, this could mean further price rises before mid-April, or it could mean a retracement after the halving, as triggered by the news sell-off.

However, a few months after the halving, this may start to affect the supply of BTC in the cryptocurrency market, causing its price to rise.

Altcoins overall may follow a similar trend as they always have.

anomaly

However, it should be stated that never in the past have historical highs been reached right before a halving. Because new highs are always reached months after the event.

From this perspective, this year seems anomalous, but at least the reason is clear.

In fact, there has never before been a spot Bitcoin ETF on a US exchange that would allow anyone to effectively take a position on the BTC price.

The strong total capital inflows that have occurred in these funds over the past month and a half are the absolute first in Bitcoin’s 15-year lifespan, and this anomaly is making 2024 very different from other halvings (2012, 2016, and 2020). ).

It remains to be seen whether the effects will be similar to those in the past a few months after the half-life appears.