Strong Fundamentals Driving Growth
- Bitcoin surged over $18,000 in February, and the momentum continues in March.
- Analyst Markus Thielen believes Bitcoin is poised for another all-time high this week.
- Institutional buying remains strong in the US and other countries, including Korea.
- Demand for altcoins and meme coins is also increasing.
- Anticipated launch of Bitcoin ETFs in Hong Kong and Brazil indicates high demand.
Factors Contributing to Price Surge
- Decrease in OTC BTC availability for large institutions.
- Spot Bitcoin issuers like BlackRock are using OTC desks less, reducing their impact on price.
- Balances of BTC on exchanges have declined significantly.
Investor Sentiment
- Investors are not price-sensitive, suggesting a bullish outlook.
- Thielen predicts Bitcoin could reach $70,000 this week if it breaks its previous all-time high.
