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- Bitcoin price could hit $100K-$170K, aligning with the Fibonacci 1.618 level.
- Market volatility is expected to continue through March and April 2025.
- Whales continue to buy Bitcoin, signaling potential market reversal despite current bearishness.
In a recent X post, Egrag noted that many in the world of cryptocurrency were expecting the market dump sometime before March 10th. However, this decline occurred even earlier than predicted. As for the price fluctuations, he projected that March and April 2025 could experience some volatility like that of other previous cycles of the cryptocurrency market.
Bitcoin price is expected to fluctuate around the 200 EMA level more frequently and alternately move up and down. It may continue in this patten until there is a complete saturation of that particular type of market. He also sees the bitcoin able to achieve a price range of $100,000-170,000. This is in line with the Fibonacci 1.618 level that Egrag has been monitoring since beginning of the year 2021.
Impact of Trade War
Rover has mentioned that the trade war between the United States and other countries is the reason. The high tariffs and some of them could reach up to 100% have deployed a significant level of pressure on the global markets including the cryptocurrencies. The crypto market shrunk by more than 900 billion in value in only five weeks which caused fear and unpredictability. The Fear and Greed Index has entered the extreme zone which was last recorded in the case of the FTX.
Despite the overall bearishness, significant entities, also referred to as whales, have continued to amass BTC. These whales are buying have increased unprecedentedly because they are taking this opportunity to do so when prices are low.
Source: Crypto Rover
Buying Opportunities in Corrections
However, analyst Rover is of the view that large corrections like the one being witnessed in the Bitcoin can be bought. Historical data indicates that such corrections are usually followed by sharp uptrends, as it has been in the past. As per Rover, short-term traders are being forced out of the market; the long-term traders might benefit from their investors in the long run.
At the time of writing, Bitcoin is trading at $79,839, which is 7.32% down in the last 24 hours. Rover has estimated the lower support levels at around $73,000 and the second support level at around $72,000. However, if the price of Bitcoin falls below these levels, it may go down to $53,000 range.
Source: TradingView
Despite Bitcoin’s bearish trend and wide fluctuation in the current market, the constant acquisition by these whales show a glimmer of hope in the near future. The long-term global economic outlook along with the general macroeconomic factors as well as fluctuations in the short-term trend calls for optimism.
