- Bitcoin price prediction expects a rise towards $70,000 after correction.
- Strong support is currently found at the $57,700 mark.
- Strong resistance is found at the $58,400 mark.
- Institutional investors are still driving Bitcoin price to higher highs.
The king of cryptocurrencies skirted close to $60,000 earlier but disappointed traders as it started spiralling downwards. In the 24-hour timeframe, Bitcoin suffered from major fluctuations. The cryptocurrency enjoyed a minimum price level of $57,700 for the most part of the day and quickly fell to the 24-hour low of $56,236 right after midnight on the 19th of March. Afterwards, Bitcoin picked up the pace to stabilize above the $57,700 mark.
At the time of writing, Bitcoin stands at $58,087, while the technical indicators are pointing towards a strong buying signal. Out of the total 26 technical indicators, 15 stand at strong buy indication, 10 at neutral indication and only one at selling indication.
Bitcoin price prediction: What to expect?
Analyst Marko HR has identified the cryptocurrency on a wave count in his Bitcoin price prediction. Per the analyst, Bitcoin has successfully completed the first four waves of the wave count and is completing the final wave. The wave count has been identified in an ascending channel formation. Bitcoin can be observed to be nearing the lower boundary of the formation, indicating the bearish pressures on the cryptocurrency. If the cryptocurrency overturns the bearish pressures, then it is likely to complete the wave count. At the final wave, Bitcoin can be expected to reach a price level of $70,000.
Although the analyst is suggesting a long position on Bitcoin, he is also expecting major market corrections after completing the wave count. Per the analyst, Bitcoin is set to start on another wave count if it completes the final wave. However, the newer descending wave count will result from brutal market corrections and Bitcoin is expected to fall. From a high of $70,000, Bitcoin can be expected to fall to $60,000 or even lower.
In light of the recent market retracements, not all analysts are bullish on the king of cryptocurrencies. Analyst Euro Motif is not optimistic about Bitcoin and believes the market corrections are to last for a while. The analyst has set a price target at the 2.618 Fibonacci level, which lies parallel to the price level of $49,351. In his Bitcoin price prediction, the analyst has pointed out a descending wave count, which can lead the cryptocurrency to even lower price levels. Per the analyst, Bitcoin is developing the final wave C of the wave count. The analyst has also pointed out that Bitcoin is operating in a dangerous zone.
Institution still driving Bitcoin price
The cryptocurrency market has been garnering increasing interest, especially from institutions. The four primary institutional investors in cryptocurrencies are banks, asset managers, leveraged money and other firms. Bitcoin, being the market leader, is at the forefront of institutional interest. Interestingly, the growth rate of Bitcoin futures interest rate compared with the price growth of the cryptocurrency. While the Bitcoin price predictions are also coming in positive for higher growth.
The open interest and the capital tied in the future contracts have grown exponentially. Recent movements in the long-shot breakdown suggest a move towards a long position, indicating possible bullish momentum for Bitcoin. Goldman Sachs has also revealed that it will include Bitcoin futures in its offering because of client demand. Bitcoin futures open interest can be expected to continue to rise as interest in the asset climbs up.