Bitcoin Under Pressure From GBTC, Bernstein Projects Expansion To $90,000 in 2024
Bitcoin is flat at spot rates. However, bulls are confident, expecting more price gains above $70,000 in the coming sessions
Bitcoin is flat when writing, shrinking 2% in 24 hours and 3% in the last week. For now, prices are tight in a range, though hints of weakness dilute optimism. In the coming days, traders can watch how prices react at the immediate resistance and support zones at around $68,000, or March 20 highs, and $61,500, or this week’s lows.
The stagnation of prices also means the total market cap is steady at around $2.5 trillion, according to trackers. Amid the flat-lining price action, trading volume, a gauge of activity, has dropped by 31% in the last trading day.
The following Bitcoin news events are trending on March 22:
- As spot Bitcoin ETF outflows from GBTC heap more pressure on the coin, analysts are confident, saying the correction is over. So far, the coin is down roughly 20%, which is expected before halving. Ahead of halving, however, more volatility is expected.
- Bernstein is more confident of what lies ahead amid the discouraging price action. The financial institution has revised its outlook on Bitcoin, expecting prices to hit $90,000 by the end of the year, up from around $80,000. They also predict a dip in hash rate after halving, pointing to possible miner capitulation.
Bitcoin Price Analysis
BTC/USD is under pressure at spot rates but trending horizontally, as the daily chart shows.
Even though the uptrend remains, buyers must be convincing, pushing prices higher.
In that case, a sharp close above $68,000, extending gains of March 20, might trigger mode demand, lifting prices above $70,000.
On the flip side, if the correction continues, losses below this week’s lows might force prices even lower, towards $59,000—or lower.
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