{"id":596157,"date":"2024-03-04T15:00:49","date_gmt":"2024-03-04T15:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=596157"},"modified":"2024-06-11T07:57:21","modified_gmt":"2024-06-11T07:57:21","slug":"bitcoin-new-all-time-high","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-new-all-time-high\/","title":{"rendered":"Bitcoin Will Reach A New All-Time High This Week, Matrixport Head Of Research Says"},"content":{"rendered":"

Bitcoin saw an incredible month in February<\/a>, adding over $18,000 to its value in a single month. This outperformance has now carried on into the month of March, which has seen the Bitcoin price cross the $65,000 mark for the first time since 2021. As BTC trades in the green, expectations remain that the performance will continue.<\/p>\n

Bitcoin Shows Strong Fundamentals<\/h2>\n

In a new report shared with NewsBTC via email, the head of research at Matrixport, Markus Thielen, put forward that the Bitcoin price was headed for another all-time high this week. This report highlighted the BTC price performance over the last year, as well as in February, in which the price rose a total of $18,615 in a single month. Additionally, the analyst pointed out that despite the slowdown in Bitcoin Spot ETFs<\/a> that were seen toward the end of February, it hasn\u2019t affected BTC\u2019s bullishness by much.<\/p>\n

Related Reading: $906 Million Worth Of Ethereum Leave Exchanges Last Week \u2013 ETH To $4,000?<\/a><\/div>\n

The crypto analyst explains that institutional buying is not just happening in the United States either. There has also been a large uptick in buying volume across other countries, including the likes of Korea where volumes have reached near $8 billion for five consecutive days. Interestingly, the buying is not just limited to Bitcoin either as there are also inflows into altcoins and meme coins.<\/p>\n

Furthermore, the anticipation of Hong Kong launching its own Spot Bitcoin ETF<\/a>, as well as BlackRock taking the plunge and launching a Bitcoin ETF in Brazil<\/a>, also proves that there is a lot of demand. So despite the decreased inflows that were seen last week, Thielen explains that if Grayscale\u2019s outflows keep dropping, reaching between $0-$100 million, then he expects further rally for the Bitcoin price.<\/p>\n

Thielen also pointed out that the Untied States debt is growing exponentially and Bitcoin now offers better macro upside compared to gold. This plays into the bullish potential of BTC<\/a> going forth.<\/p>\n

\u201c Previously we have shown that 30-40% of the Bitcoin ETF inflows appear to come out of Gold ETFs and with $80bn of assets-under-management, those re-allocation flows can continue. We have also shown numerous times that Bitcoin has become a better macro asset than Gold as Bitcoin\u2019s reaction function towards changes in interest rate expectations, announcement of wars\/conflicts, etc., has become superior (we backtested this).\u201d<\/p>\n

BTC Price Headed For New All-Time High<\/h2>\n

Among the factors driving the Bitcoin price identified by the analyst was a significant decrease in the amount of over-the-counter (OTC) BTC available for large institutions. Spot Bitcoin issuers such as BlackRock<\/a> tend to utilize these OTC desks for purchases in order to reduce the impact of their buying on the price. However, these OTC sellers have reported that their balances have dropped 80% in the last year from around 10,000 BTC to less than 2,000 BTC.<\/p>\n

Related Reading: Crypto Exchange Says Cardano Price Can Reach $165, Here\u2019s When<\/a><\/div>\n

Thielen also points out that the same trend is seen in exchanges where balances have declined across trading platforms such as Binance and Coinbase. Both of these, which are currently the Bitcoin trading powerhouses of the world, saw a total of 48,000 BTC<\/a> leave their balances in a month.<\/p>\n

Given these developments, the crypto analyst explains that investors are not price-sensitive at this time. So, the expectation for this week is that Bitcoin makes a new all-time high<\/a>. If this happens, then the market could see BTC tap $70,000 this week.<\/p>\n

\"Bitcoin<\/p>\n

BTC price surpasses $65,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Capital.com, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin saw an incredible month in February, adding over $18,000 to its value in a single month. This outperformance has now carried on into the month of March, which has seen the Bitcoin price cross the $65,000 mark for the first time since 2021. As BTC trades in the green, expectations remain that the performance will continue. Bitcoin Shows Strong Fundamentals In a new report shared with NewsBTC via email, the head of research at Matrixport, Markus Thielen, put forward that the Bitcoin price was headed for another all-time high this week. This report highlighted the BTC price performance over the last year, as well as in February, in which the price rose a total of $18,615 in a single month. Additionally, the analyst pointed out that despite the slowdown in Bitcoin Spot ETFs that were seen toward the end of February, it hasn\u2019t affected BTC\u2019s bullishness by much. Related Reading: $906 Million Worth Of Ethereum Leave Exchanges Last Week \u2013 ETH To $4,000? The crypto analyst explains that institutional buying is not just happening in the United States either. There has also been a large uptick in buying volume across other countries, including the likes of Korea where volumes have reached near $8 billion for five consecutive days. Interestingly, the buying is not just limited to Bitcoin either as there are also inflows into altcoins and meme coins. Furthermore, the anticipation of Hong Kong launching its own Spot Bitcoin ETF, as well as BlackRock taking the plunge and launching a Bitcoin ETF in Brazil, also proves that there is a lot of demand. So despite the decreased inflows that were seen last week, Thielen explains that if Grayscale\u2019s outflows keep dropping, reaching between $0-$100 million, then he expects further rally for the Bitcoin price. Thielen also pointed out that the Untied States debt is growing exponentially and Bitcoin now offers better macro upside compared to gold. This plays into the bullish potential of BTC going forth. \u201c Previously we have shown that 30-40% of the Bitcoin ETF inflows appear to come out of Gold ETFs and with $80bn of assets-under-management, those re-allocation flows can continue. We have also shown numerous times that Bitcoin has become a better macro asset than Gold as Bitcoin\u2019s reaction function towards changes in interest rate expectations, announcement of wars\/conflicts, etc., has become superior (we backtested this).\u201d BTC Price Headed For New All-Time High Among the factors driving the Bitcoin price identified by the analyst was a significant decrease in the amount of over-the-counter (OTC) BTC available for large institutions. Spot Bitcoin issuers such as BlackRock tend to utilize these OTC desks for purchases in order to reduce the impact of their buying on the price. However, these OTC sellers have reported that their balances have dropped 80% in the last year from around 10,000 BTC to less than 2,000 BTC. Related Reading: Crypto Exchange Says Cardano Price Can Reach $165, Here\u2019s When Thielen also points out that the same trend is seen in exchanges where balances have declined across trading platforms such as Binance and Coinbase. Both of these, which are currently the Bitcoin trading powerhouses of the world, saw a total of 48,000 BTC leave their balances in a month. Given these developments, the crypto analyst explains that investors are not price-sensitive at this time. So, the expectation for this week is that Bitcoin makes a new all-time high. If this happens, then the market could see BTC tap $70,000 this week. BTC price surpasses $65,000 | Source: BTCUSD on Tradingview.com Featured image from Capital.com, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":596170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,6848,1119,1122,17066,1144,90233,6664,14690],"class_list":["post-596157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc","tag-btc-price","tag-btc-price-prediction","tag-btcusd","tag-btusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Will Reach A New All-Time High This Week, Matrixport Head Of Research Says<\/title>\n<meta name=\"description\" content=\"Bitcoin saw an incredible month in February, adding over 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Will Reach A New All-Time High This Week, Matrixport Head Of Research Says","url":"http:\/\/wncen.com\/news\/bitcoin-new-all-time-high\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-new-all-time-high\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/Bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/Bitcoin.jpeg?fit=548%2C308"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bitcoin price prediction","btc","btc price","btc price prediction","btcusd","btusdt","crypto","crypto news"],"dateCreated":"2024-03-04T15:00:49Z","datePublished":"2024-03-04T15:00:49Z","dateModified":"2024-06-11T07:57:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Will Reach A New All-Time High This Week, Matrixport Head Of Research Says\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-new-all-time-high\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-new-all-time-high\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Bitcoin.jpeg?fit=548%2C308\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin price prediction\",\"btc\",\"btc price\",\"btc price prediction\",\"btcusd\",\"btusdt\",\"crypto\",\"crypto news\"],\"dateCreated\":\"2024-03-04T15:00:49Z\",\"datePublished\":\"2024-03-04T15:00:49Z\",\"dateModified\":\"2024-06-11T07:57:21Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/Bitcoin.jpeg?fit=548%2C308","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/596157"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=596157"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/596157\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/596170"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=596157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=596157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=596157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}