Bitcoin Price Prediction: BTC Eyes $60K Target as Fidelity Sees Bitcoin Market Cap Reaching $1.5 Trillion and Blackrock Bitcoin ETF Volumes Soar, Gains 38%.

The price of Bitcoin has risen by 5% in the past 24 hours and is currently trading at $59,339 per coin at 5:05 a.m. EST. With this rise, Bitcoin is eyeing the $60,000 milestone, a level that was last tested on November 18, 2021.
Notably, trading volume dropped by about 8%, suggesting that investors are staying away from the market. One possible reason is the increased risk, with some analysts saying the king of cryptocurrencies is on the brink of a correction.
I have closed all my long contracts and my Bitcoin trigger profit is at $56300. I hope my followers can also successfully close their positions.
Given the increased risk and higher fees of long contracts, we must be careful to control risk.
Amid heightened risk levels in the Bitcoin market, experts say a fall below a key level could lead to the liquidation of $300 million in positions.
If the Bitcoin price falls below a key level, it could result in the liquidation of $300 million in positions.
The main driver of the market right now is reportedly FOMO, or fear of missing out. This is following MicroStrategy’s massive Bitcoin purchases and inflows into the Bitcoin market. The latter theme was sparked by the exchange-traded fund (ETF) story.
Some analysts expect that once the Bitcoin price breaks through the $60,000 milestone, more FOMO may set in. This could lead to a large number of short positions being liquidated. If this happens, this could be the factor that drives Bitcoin back to its all-time high of $69,000.
When the price rises, the shorts' stops are triggered. In response, they buy and effectively open a new position, and the subsequent buyer momentum pushes the Bitcoin price higher. When the price falls, the shorts' profit orders are triggered, so they sell, causing the price to fall further.
Meanwhile, Galaxy Digital CEO Mike Novogratz believes that Bitcoin prices are in a discovery phase as Wall Street can now enter this investment product. This is happening amid the ongoing craze about spot ETFs that will bring Bitcoin to American wealth.
Despite the heightened risk levels and growing FOMO, an analyst at Fidelity said that Bitcoin’s market cap could soon reach $1.5 trillion. If this happens, it would be a $29% increase relative to the current $1.16 trillion.
In addition, BlackRock's IBIT ETF has seen crazy trading volumes, exceeding Monday's $1.3 billion. On Tuesday, IBIT ETH's trading volume soared to $1.35 billion, up 3.8% from the day before.
Bitcoin continues to be a hot topic in the cryptocurrency investment market, with expectations for further gains. According to Coingecko’s estimates, there are still 52 days left before the Bitcoin halving.
No one doubts that the price of Bitcoin is at risk of a sharp correction. First, Bitcoin has been massively overbought, with the relative strength index (RSI) at 79. In addition, the spent output profit ratio (SOPR) is well above the threshold of 1, at 3.59 as of writing. Whenever the SOPR is above 1, it means that at the time of the transaction, the owner of the spent output is in profit.
However, the bulls are not showing any signs of stopping and are increasing their buyer momentum as the RSI remains elevated.
If the bulls have their way, Bitcoin price could rise further towards the $60,000 milestone, most likely breaking it during the New York trading session.
However, to recapture the $69,000 peak, the Bitcoin price must manage to close above $65,664. This is the average threshold of the supply zone between $63,329 and $67,999. For the average person, the supply zone is an area where a large number of sellers are expected. Research shows that a breakout and close below the middle line of the supply barrier will confirm the continuation of the medium-term (1-day timeframe) trend.
If profit-taking overwhelms buying pressure, Bitcoin price could retreat, most likely below the $55,000 and $50,000 milestones. In severe cases, the downside move could lead Bitcoin to retest the psychological $40,000 mark to quickly clear liquidity below that level.
A daily close below $40,000, effectively delaying the correction, could lead to bears taking over the market. Such a scenario could push Bitcoin price towards the psychological barrier of $30,000.
However, despite the hot Bitcoin market and the high risk of Bitcoin price, savvy investors are diversifying their risk through this new ICO, Green Bitcoin. Some analysts consider it one of the best low-priced cryptocurrency investments, while Jacob Bury, a cryptocurrency analyst and YouTuber, ranked it as one of the best cryptocurrency tokens before the Bitcoin halving in 2024.
Green Bitcoin is driven by the GBTC token, which carries the fusion of Bitcoin's tradition and Ethereum's environmentally friendly attributes. It is a project that predicts money making and introduces a revolutionary gamified green pledge mechanism.
Here, participants can enjoy exponential rewards, with new challenges offered every week. Specifically, there are daily and weekly Bitcoin price prediction challenges with a chance to win generous rewards.
Green Bitcoin also offers a unique sustainable staking model called “Gamified Green Staking” where users can earn passive income through staking rewards.
Investors who want to buy GBTC can do so on the official website at a price of $0.4982. This price tag will last for the next four days, after which it will increase. So far, pre-sale sales have exceeded $1.178 million, with a target of $1.247 million. Take advantage of the opportunity in just over four days to purchase your own.
Visit and buy GBTC here.
In addition, there are some other related articles to read:
Top Cryptocurrencies with 10x Return Potential in 2024 – Green Bitcoin, Scotty the AI, and Frog Wif Hat
Bitcoin Price Prediction: Bitcoin Soars 9% to 27-Month High While Blackstone’s Bitcoin ETF Attracts $1.3B Inflows – Is It Time to Buy Bitcoin?
Why You Should Watch Green Bitcoin (GBTC) – The Next 50x Coin Taking the Market by Storm
Green Bitcoin (GBTC) is a Token You Don’t Want to Miss — Learn About Its Gamified Green Staking
Green Bitcoin – Gamifying Green Staking
Rating
Contracts audited by Coinsult
Early Access Presale Now Live - greenbitcoin.xyz
Make Money Predicting - Featured in Cointelegraph
Staking Rewards and Token Rewards
More than $1 million raised
learn more
Join our Telegram channel to get the latest news.