After trading within a narrow range below $64,000 for over a day, Bitcoin marched ahead in an upward trajectory, leading to signs of the crypto bull cycle staying constant.
Bitcoin’s support climbed in the last 24 hours, sitting firmly above $66,000. Earlier, Bitcoin had faced increasing sell-offs, leading to a dip. This resulted in higher outflows from the spot Bitcoin ETFs, as investors could have started booking profits. Nevertheless, the crypto bull cycle recovery could again help BTC cross $70,000. Meanwhile, traders could also be cautious if sell-offs resume when BTC hits higher levels.
As analysts repeatedly state, higher volatility could be evident on either side of the Bitcoin-halving event. In 2020, the months after the halving led to a much higher BTC surge. A price target of around $100,000 for BTC in the later months of 2024 could be possible.
Global bank Standard Chartered also raised targets for BTC in 2024. It said, “For 2024, given the sharper-than-expected price gains year-to-date, we now see potential for the price to reach the $150,000 level by year-end, up from our previous estimate of $100,000.”
Moreover, an altcoin rally also ensued after Bitcoin’s rebound. ETH breached $3,500, surging by 11%.BNB, XRP, and SOL also saw upward movements. DOGE rallied by over 20%, reaching a market cap of $21 billion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $67,000 on March 21, 2024, with BTC/USD trading higher by a margin of 7.4% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.32 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (65,027.74), as BTC’s 24-hour volume was at around $59 billion. The global crypto market cap increased by around 7.65%, trading above $2.54 trillion. BTC’s year-to-date returns are at 60.43%.
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