Bitcoin Soars Past $70,000, Triggering Crypto Rally

On Monday, the value of Bitcoin rebounded significantly, reaching over $70,000 from $67,000, driving a broader recovery in the cryptocurrency market. Top analyst Markus Thielen suggests buying opportunities for Bitcoin and Ethereum, predicting a bullish reversal based on technical indicators and anticipates a potential surge to $140,000 aligning with historical trends.

Bitcoin Surges Past $70,000, Sparking Crypto Market Rally

On Monday, Bitcoin's price experienced a significant rebound, rising from $67,000 to over $70,000 within hours. This surge triggered a broader recovery in the cryptocurrency market, signaling renewed investor optimism.

Market Volume Remains Subdued

Despite the overall market recovery and Bitcoin's sideways movement on Tuesday, trading volumes remained relatively low compared to levels prior to the recent dip below $61,000.

Bullish Sentiment Among Derivatives Traders

As reported earlier by CoinGape, derivatives traders maintained a bullish outlook despite recent sell-offs. They anticipated Bitcoin reaching $76,000 before the end of March.

Analyst Predicts Bitcoin ATH

Markus Thielen, CEO of 10x Research, recently turned bullish on Bitcoin and Ethereum, advising investors to consider buying opportunities. He predicted three bullish indicators for BTC price reversal, but cautioned that these indicators could be invalidated if Bitcoin trades below $68,000 before month's end.

Based on historical rally patterns in Bitcoin's halving cycles, Thielen projected a possible surge to $140,000 if a triple-digit gain holds true in the current halving period.

Technical Analysis Signals Upside Potential

Thielen also noted the formation of an inverted head-and-shoulders pattern and a break above $68,330, indicating potential upward movement towards $73,000.

Bitcoin ETF Inflows Resume

Thielen anticipated a continuation of inflows into spot Bitcoin ETFs and predicted a significant price rally above $70,000. However, he emphasized that the real test would come towards the end of the quarter on Thursday and Friday.

On Monday, nine spot Bitcoin ETFs registered positive inflows. Fidelity Bitcoin ETF (FBTC) led the surge with a $261 million inflow, surpassing BlackRock Bitcoin ETF (IBIT)'s $35 million inflow. Grayscale Bitcoin ETF GBTC continued to experience outflows, amounting to $350 million.

CME Bitcoin Open Interest Reaches Record High

CME Bitcoin open interest reached an all-time high of $11.71 billion, indicating increased institutional participation in the market.

BTC Price Breaks Key Levels

Analyst Ali Martinez predicted that Bitcoin could rally further, as it emerged from an ascending triangle pattern on shorter time frames. Martinez posited that if the $70,400 support level holds, Bitcoin could reach $71,800.

Current Bitcoin Performance

At the time of writing, Bitcoin is trading at $71,083, up 6% over the past 24 hours. The 24-hour low and high stand at $66,795 and $71,535, respectively. The spike in trading volume by 50% suggests growing investor interest in the cryptocurrency.

Conclusion

Bitcoin's rebound above $70,000 has instilled renewed optimism in the crypto market. While analysts predict further price gains, the market remains volatile, and investors are advised to exercise caution.