By Bitget Research
Current price movements
Bitcoin has been in a robust bull run for months, showing a steady rise in price punctuated by periodic corrections and recoveries. Following the launch of 11 Bitcoin Spot ETFs in the US in January 2024, the price of Bitcoin soared to $48,000, a level last seen in January 2022, before falling back below $40,000 and then crossing the $50,000 mark in February 2024. On 5 March, Bitcoin broke through the $69,000 barrier, setting a new all-time record 846 days after its predecessor. Another notable event was the breaking of the $70,000 barrier, setting a new record of $73,750 on 14 March.
Market excitement extends to derivatives, with a notable increase in bullish bets on the options market. Data shows that open interest in calls with strike prices of $80,000 and $100,000 increased by around 12% after Bitcoin broke through $70,000, indicating sustained bullish sentiment.
Last week, Bitcoin fell slightly, currently trading in a range between $63,000 and $73,000. Bitcoin funding rates have also fallen, reducing the risk of further liquidations, which could be a sign of a more sustainable trend.
BTC forecasts for April
La fourchette de prévisions pour le BTC en avril devrait se situer entre 62 000 et 90 000 $, principalement pour deux raisons : les ETF Bitcoin Spot et l’événement de halving à venir.
Bitcoin Spot ETFs continue to play a role in capital inflows. Since Bitcoin Spot ETFs were approved by the SEC, Wall Street has bought around 200,000 BTC, pushing the price per BTC to $73,000. As more institutional investors enter the Bitcoin market, there will be more capital, stability and recognition in the market, which will support the long-term growth of the Bitcoin price. Institutional investors generally adopt long-term investment strategies, which increases the long-term holding of Bitcoin and reduces its supply. This could have a positive impact on the price of Bitcoin. In addition, institutional investors bring a large influx of capital to the market, increasing the liquidity of the Bitcoin market. This will reduce price volatility and encourage more investors to enter the market, which should lead to higher prices.
The fourth Bitcoin halving event is expected to take place in April this year. Historically, Bitcoin halving events have always led to significant price increases. Combined with steady demand, the expected reduction in supply usually leads to higher prices, while speculative activity in the market can fuel FOMO, helping to continually boost Bitcoin prices. After halving, daily BTC issuance will be reduced to around 450, with an annual increase of only around 160,000, equivalent to Wall Street’s one-month buying volume. With Wall Street’s continued buying and the effect of halving on the market, BTC’s next bull run will come sooner than expected, and April is an important month that will determine the trend for the next few months.
