MEXCBitcoin (BTC) Price Now Set to Reach $140K, Says Top Analyst Who Predicted Crash
Highlights
- Top analyst Markus Thielen greenlights Bitcoin and Ethereum buying to investors.
- He believes BTC price can rach $140,000 as per historical rally in last bitcoin halvings.
- BTC price jumps 6% to above $71,500.
Bitcoin price rebounded from $67,000 to over $70,000 within just a few hours on Monday, triggering a broader crypto market recovery. While the global crypto market rebounded and Bitcoin price moved mostly sideways on Tuesday, trading volumes saw only a marginal increase as compared to trading volumes before the crash to below $61,000.
CoinGape earlier reported massive bullish sentiment among derivatives traders despite selloffs and anticipation of BTC price hitting a high of $76K before March end.
Is This Recovery Signals Another Bitcoin ATH?
Top analyst Markus Thielen, chief executive officer of 10x Research, in a new report greenlights Bitcoin and Ethereum buying to investors, turning bullish from bearish. BTC price rallied more than 6% due to renewed optimism. He is one of the first few analysts who accurately predicted the recent crash below $63K.
He added that three indicators are bullish on BTC price reversal but it will nullify if Bitcoin trades below $68,000 due to market volatility before month’s end. Historically, Bitcoin has witnessed a 315% rally in 2012-2013, over 100% in 2016-2017, and 129% in 2020-2021. If a triple-digit rally is valid in this Bitcoin halving, BTC price will reach $140,000.
Moreover, the formation of an inverted head-and-shoulders pattern and break above $68,330 signal a move above $73,000.
“We would have preferred for Bitcoin to consolidate a few more days, as this would have allowed our reversal indicators to hit screaming buy levels. Still, we suspected Bitcoin would start the week with an aggressive rally – as we enter the end of the quarter,” said Thielen.
Bitcoin ETF Inflow Continuation
Markus Thielen also predicted a return in inflow to spot Bitcoin ETFs and a strong BTC price rally above the psychological level of $70,000. However, he warned that the real test will be on Thursday and Friday as these mark the end of the quarter.
Nine spot Bitcoin ETFs have once more registered net positive inflows on Monday. Fidelity Bitcoin ETF (FBTC) saw a $261 million inflow, surpassing BlackRock Bitcoin ETF (IBIT) inflow of $35 million. Also, outflows from the Grayscale Bitcoin ETF GBTC have remained strong at $350 million.
🚀🚀🚀
CME #Bitcoin open interest hit a record high of $11.71 billion.
👉https://t.co/b1RbJ1A35P pic.twitter.com/eNFD8QamQC
— CoinGlass (@coinglass_com) March 26, 2024
BTC Price Breaking Above Key Levels
Analyst Ali Martinez in a new post on X predicted that BTC price can rally above as it breaks out of an ascending triangle on the lower time frames. As long as the $70,400 support holds, BTC price can hit $71,800.
BTC price jumped 6% in the last 24 hours, with the price currently trading at $71,083. The 24-hour low and high are $66,795 and $71,535, respectively. Furthermore, the trading volume has increased by 50%, indicating a rise in interest among traders.
Also Read: SEC Asks Judge Torres for Final Judgment in Ripple XRP Lawsuit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- Strategy Raises $715M to Buy More Bitcoin Through New Preferred Stock
- JPMorgan Reveals $340M BlackRock Bitcoin ETF Bet Amid Crypto Treasury Decline
- Arthur Hayes Bets Big on Zcash as It Tops $10B and Surpasses Hyperliquid
- Kalshi Sees Nearly 50-Day Shutdown As Bitcoin Now Mirrors Nasdaq
- Breaking: Crypto Market Structure Bill Faces Delay Amid U.S Senate Drafting Issues
- NEAR Protocol Price Surges 37% as Open Interest Jumps 59% — Is $5 the Next Target?
- Can Ethereum Price Break Below $3k as Exchange Reserves Hit Record Lows?
- Avalanche Price Nears 60% Jump Ahead of Granite Upgrade as AVAX Burn Rate Jumps
- Bitcoin Price Crashes Below $100K: What’s Driving the Drop?
- Zcash Price Surges 24% as November 2025 Halving Hype Grows – Is $1,000 Next?
- Shiba Inu Price Soars 5%: Is SHIB About to Erase Another Zero?
