Bitcoin Expected to Hit New Record High

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.