Bitcoin Surpasses $70,000 Mark As Halving Looms: Trader Sees BTC 'Less Than 4% From A Huge Breakout'

Author: Khyathi Dalal | March 28, 2024 04:54pm

Bitcoin (CRYPTO: BTC) has seen significant gains, closing seven consecutive months in the green for the first time. Analysts are optimistic about Bitcoin’s bullish momentum, anticipating a $150,000 peak.

What Happened: MicroStrategy chairman Michael Saylor tweeted that "Bitcoin is better" as gold reached all-time highs.

MicroStrategy owns 214,246 Bitcoins.

Analysts point to the upcoming quarterly expiry of Bitcoin and Ethereum option contracts on Deribit, which could lead to price volatility. Contracts worth $9.5 billion (Bitcoin) and $5.7 billion (Ethereum) will settle on Friday, March 29.

Also Read: Bitcoin Between ‘$75K To $80K Pre-Halving,’ Crypto Investor Predicts: Open Interest Hits All-Time High

Why It Matters: Bitcoin prices briefly breached the $71,400 mark in Thursday trading. At the time of writing, Bitcoin is changing hands at $70,687, up 3% in the past 24 hours. Pseudonymous trader Altcoin Sherpa tweeted:

$BTC: Next level up, let's see the reactions at the highs pic.twitter.com/44q5oiwiEe

— Altcoin Sherpa (@AltcoinSherpa) March 28, 2024

CoinGlass data shows a 3.2% increase in open interest to 38.9 billion. In the past four hours, liquidations totalled 4.72 million, with $4.01 million in long positions, indicating strong bullish sentiment.

Crypto trader Jelle states that Bitcoin is 4% away from a "huge breakout."

He points to previous breakouts from all-time highs leading to "3 weeks of rapid expansion, more than doubling prices in the process."

#Bitcoin is less than 4% away from a huge breakout!

The previous all-time high breakouts (April 2017, and December 2020) both led to 3 weeks of rapid expansion, more than doubling prices in the process.

If this pattern repeats — we'd push to ±$150,000 in less than a month 😱 pic.twitter.com/MmVCbUMJct

— Jelle (@CryptoJelleNL) March 28, 2024

Another crypto analyst, Benjamin Cowen, measured the market cycles from peak to peak, using April 2021 as the top instead of November 2021.

With the Bitcoin halving event on the horizon and the significant 16% gains in Bitcoin prices over the past month, traders are keen to explore how to buy spot Bitcoin ETFs.

These topics are expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Bitcoin Halving Expected To Enhance ETF Opportunities In Cryptocurrency Sector: Report

Image created using artificial intelligence with Midjourney.

Posted In: $BTC