On Sunday, March 3, the world’s cryptocurrency Bitcoin (BTC) once again reached above $64,000, but once again encountered resistance at that level. Currently, Bitcoin is trading at $63,790, up 2.80%, with a market cap of $1.253 billion. According to CoinGlass data, the total amount of liquidated Bitcoin transactions rose to $440,000 in the past 24 hours.

Key Bitcoin (BTC) price levels to watch

According to the analysis of renowned crypto analyst Ali Martinez, the Bitcoin (BTC) market has shown significant activity within a certain price range. Martinez points out that more than 500,000 BTC have traded within the range of $61,100 to $61,800, indicating that this is a significant support level for the cryptocurrency.

Martinez adds that if Bitcoin manages to maintain its position above this support threshold, it will likely rise further to $65,900 with little resistance along the way.

Nevertheless, Martinez also warns of possible downside risks for BTC. However, if Bitcoin were to falter and fall below the established support level, it could trigger a correction, potentially resulting in a price drop to $56,970 or even $51,500.

The price of BTC at $125,000

Bitcoin analyst Wil Woo’s prediction of BTC’s price at $125,000 sparks optimism for investors. He believes Bitcoin could reach this value by the end of 2025, based on the assumption that Blackrock and Fidelity customers will allocate a small portion of their portfolios to Bitcoin. With Blackrock’s massive assets of $9.1 trillion and Fidelity’s $4.2 trillion, even modest allocations could have a noticeable impact on Bitcoin’s price.

Although these allocations represent only a small portion of the total global wealth, which is estimated at around $500 trillion, Woo believes that the support of major asset managers such as Blackrock and Fidelity could generate significant capital flows into Bitcoin, which in turn could lead to significant increases in price.

There has been a large increase in inflows into Bitcoin ETFs on Satoshi Street over the past two months. BlackRock Inc.’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) have collectively collected 79% of the total inflows of the “Newborn Nine” funds. In response, four of the remaining seven funds have chosen to reduce their costs below those of the two leading funds.

Source: https://cryptobenelux.com/2024/03/04/bitcoin-bereikt-de-64-000-recent-koersoverzicht-en-toekomstperspectieven/

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