Bitcoin Sets New Record, Climbs Above $70,000 Mark; Ethereum Hits $4K Milestone

Key Narrative That Could Send Bitcoin To $240,000



Cryptocurrency analyst and trader Matthew Hyland has shared an optimistic forecast for Bitcoin with the community on the social media platform X. The analyst has identified a key trend that could trigger a bullish rally for BTC to the $240,000 threshold.



At first, Hyland noted that over the past two years, Bitcoin has “destroyed several narratives, both positive and negative.” These include one of the ideas that BTC will “never fall below the previous cycle low or reach its peak until after the halving event.”

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Bitcoin To $240,000: Analyst Cites Key Narrative As Catalyst

NewsBTC

Bitcoin To $240,000: Analyst Cites Key Narrative As Catalyst

Mar 8, 202422:30 GMT+6:30





BTCUSD

+0.46%



BTCUSDT

+0.54%

Bitcoin price has fallen by over 10% after briefly touching its all-time high of $69,000, propelled by investors’ flood of money into BTC Spot Exchange-Traded Funds (ETFs).



However, intense volatility surrounding the crypto asset’s price has triggered a rebound to the $68,000 mark, which highlights the return of positive enthusiasm, prompting predictions of a significant rally to an unprecedented height.



Key Narrative That Could Send Bitcoin To $240,000



Cryptocurrency analyst and trader Matthew Hyland has shared an optimistic forecast for Bitcoin with the community on the social media platform X. The analyst has identified a key trend that could trigger a bullish rally for BTC to the $240,000 threshold.



At first, Hyland noted that over the past two years, Bitcoin has “destroyed several narratives, both positive and negative.” These include one of the ideas that BTC will “never fall below the previous cycle low or reach its peak until after the halving event.”



However, Hyland claims that the only narrative left that BTC has not destroyed is the “Diminishing Returns,” as it is still almost 100% effective. Hyland is uncertain of the narrative’s effect but believes that it is the “final boss” since it is the only one still standing.



As a result of the trend, the crypto expert has set his price target at $240,000 in the upcoming months. This simply means BTC needs to surpass the aforementioned price in order to be able to demolish the diminishing returns narrative.



Hyland claims it makes no difference to him if Bitcoin “reaches the level or not.” Nonetheless, it will be “intriguing” to observe whether it can smash the one trend that remains intact.



Another expert known as Crypto Signals seems to agree with Hyland, expressing his pleasure in the analysis. According to Crypto Signals, in the context of Bitcoin, “the idea of diminishing returns is a fascinating one.”

the event. After that, BTC witnessed a “pre-halving retrace” of about 20%, which was the last it saw before the halving.



He further drew a comparison to 2016’s pre-halving surge, which he noted took place “28 days prior to the halving.” Nevertheless, it also experienced “a conservative correction” of over 29% after the rally topped.



Rekt Capital has marked the point as the “historic danger zone” that could potentially conclude the pre-halving rally this year, before witnessing a pullback ahead of the event.

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MARKET UPDATES

Bitcoin Sets New Record, Climbs Above $70,000 Mark; Ethereum Hits $4K Milestone

Bitcoin Sets New Record, Climbs Above $70,000 Mark; Ethereum Hits $4K Milestone

Jamie Redman

By Jamie Redman



Fri Mar 8 10:47:50 EST 2024





Bitcoin has once more surpassed its previous highest point of $69,210, established on March 5, 2024, as documented by Bitstamp. Currently, the digital currency holds steady above the $68,000 mark, having outdone its prior peak and ascended to $70,184 per coin.



New Peaks: Bitcoin Tops $70,000 While Ethereum Briefly Crosses $4,000

The value of bitcoin in U.S. dollars has climbed by 34.9% in the last two weeks and by 60.5% over the preceding month, once more surpassing its earlier price record. The record-breaking milestone was achieved at 10:25 a.m. Eastern Time on Friday.



Current figures show BTC shorts totaling $20.47 million have been liquidated within the 1-hour period. By 10:31 a.m. on the same day, the unit price on Bitstamp had soared to $70,184.



Bitcoin Sets New Record, Climbs Above $70,000 Mark; Ethereum Hits $4K Milestone



After BTC tapped the $70,184 mark, the price swiftly dropped below the $69,000 threshold. So far, BTC has remained above the $60,000 range for a total of ten days in 2024. It has broken its 2021 record two times so far, and many expect more fireworks to happen this year.





While BTC reached $70,184, ethereum (ETH) hit the $4,000 range for the first time since 2021. However, the price did not last long and ETH is now below the $4K threshold.



What do you think about bitcoin breaking its record on Friday? Share your thoughts and opinions about this subject in the comments section below.



TAGS IN THIS STORY

all-time high bitcoin, All-time price high, ATH, Bitcoin, Bitcoin (BTC), BTC ATH, Crypto, Cryptocurrency



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