Bitcoin (BTC) prices have been relatively stable over the past 24 hours, trading around the $70,000 level amid a lack of significant catalysts following a volatile week. Despite briefly surpassing $71,000 on Tuesday, prices have since retreated and remain steady ahead of a major options expiry on Friday.
TLDR
Galaxy Digital CEO Mike Novogratz expects Bitcoin to consolidate between $58K and $75K in the near term before the next leg up.
Novogratz cites massive “boomer wealth” and national debt woes as factors that could drive extra demand for Bitcoin over the next four years.
Bitcoin Cash (BCH) rallied 13% ahead of its expected halving event on April 4, which historically has preceded price bumps.
Bitcoin price remains steady around $70,000, facing resistance near $71,500, with support at $69,000 and $68,400.
Technical indicators suggest that Bitcoin could start another increase if it clears the $71,500 resistance zone, but failure to do so might lead to a decline toward $66,000.
Mike Novogratz, CEO and Founder of Galaxy Digital, expects Bitcoin to consolidate between $58,000 and $75,000 in the near term before the next leg up. In an interview, Novogratz stated, “Prices are going to consolidate for a while between $75K, and maybe $62K or even $58K.”
He attributes this consolidation to massive “boomer wealth” and national debt concerns, which could drive additional demand for Bitcoin over the next four years.
Novogratz emphasizes that the current economic climate, with the government adding $1 trillion of debt every 100 days, makes it easier for financial advisors to recommend allocating a small percentage of their clients’ net worth to Bitcoin. He anticipates a full-blown accumulation period over the next four years, rather than just four months.
Meanwhile, Bitcoin Cash (BCH) saw a significant 13% rally ahead of its expected halving event on April 4. Halving occurs when the reward for mining transactions is cut in half, reducing the rate at which new coins are created and thus lowering the available amount of new supply.
Historically, halving events have preceded price bumps for the token. Open interest on BCH-tracked futures more than doubled to $500 million on Thursday from $213 million last week, indicating an increase in levered bets on more expected price volatility.
As for Bitcoin, the price remains steady around $70,000, facing resistance near $71,500, with support at $69,000 and $68,400.
Technical indicators suggest that Bitcoin could start another increase if it clears the $71,500 resistance zone.
However, failure to rise above this level could lead to a decline, with immediate support at $69,200 and $68,400, followed by $67,500. If there is a close below $67,500, the price could drop toward the $66,000 support zone in the near term.
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