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As the time for Bitcoin's halving on April 24, 2024 approaches, the continuous increase in Bitcoin spot holdings in the recent period has rapidly pushed the price of Bitcoin to a historical high. Subsequently, with the large outflow from Grayscale and other spot ETFs, Bitcoin experienced a panic-driven decline, dropping to a low of $60,767.5 on the 20th.

At this time, many experts predicted that Bitcoin would fall to $55,000 to $47,500, or even to $42,000, which forced many impatient retail investors to start selling. However, Bitcoin stabilized at around $60,800 and rebounded significantly with increased trading volume.

Let's take a look at the movements of whales and institutions last week: According to on-chain monitoring data, the total amount of Bitcoin wallet transfers exceeded $2.3 billion last Friday, including 5 large transactions, with the smallest involving 4,799 BTC. There were also two withdrawals from Coinbase exchange, one involving 8,172 BTC and the other 8,136 BTC.

On-chain analyst Ali Martinez pointed out that last Friday, anonymous addresses accumulated over 25,000 BTC, worth approximately $1.6 billion, setting a new record for the single-day cumulative wallet inflow since 2024. It seems that with the Bitcoin pullback, the significant accumulation by whales before the halving is quite noticeable.

Now let's look at Cathie Wood's view on Bitcoin. Cathie Wood stated at the Bitcoin Investor Day conference in New York that the widespread adoption of institutional investment and the launch of new ETF products mean that she predicts the price of Bitcoin in a bull market could exceed its current target price by over $2 million, reaching $3.8 million by 2030.

Cathie Wood explained, "Last year, we proposed a bullish case for Bitcoin with a target price of $1.5 million. With the SEC giving the green light for institutional investment, our analysis shows that if institutional investors allocate more than 5% of their portfolio funds to Bitcoin, as we believe they will in the future, over time, this single action alone will increase my previous price prediction by $2.3 million." In summary, a significant pullback in Bitcoin before the halving is normal.

The founder of Tianqiao Capital suggested that investors should firmly hold onto Bitcoin. This consensus will gradually form on Wall Street. While Buffett's long-term value investment is widely recognized, not many people can practice it. However, Bitcoin will teach everyone the value of long-term holding through its price appreciation. Once this consensus is formed by Wall Street and international institutions, Bitcoin will be very, very valuable in the future.

In addition, Robert Mitchnick, head of BlackRock's digital assets division, when asked about Bitcoin (BTC) and cryptocurrencies, said, "Bitcoin is the top priority for our clients, while Ethereum and others occupy a very small space. The cryptocurrency community hopes that BlackRock can launch products related to other cryptocurrencies, but that is not our focus."

When asked about what Wall Street will look like for Bitcoin in 10 years, Robert Mitchnick said, "We expect there will eventually be a combination, where the best of the old system and new technology will merge into a new financial infrastructure system."

Master's Trend Analysis:

BTC:

The current intraday trend of the overall market has reached the support level of 63,000 as I mentioned in the article on Saturday, leading to a rebound. The current highest point of the rebound is very close to the resistance level of 68,000. In the short term, pay attention to whether it can stabilize above 68,000 today and reach the range of 70,000, and make an adjustment for this range.

Only then can it break through the 70,000 mark and stabilize to open up a larger space above. The current support level in the short term is in the range of 64,500-65,000.

ETH:

ETH's current trend over the weekend also rebounded perfectly from the support level I provided in the article on Saturday, in the range of 3,280-3,300. The short-term resistance is still near 3,600. In comparison, 3,800 is a more important level.

As long as this level is opened and stabilized, there will be a larger space. Pay attention to the resistance level of 3,600 in the short term. The current support level is still at 3,300, and the intraday support level can be focused on in the range of 3,360-3,400.

3.25 Master's Short-term Pre-set Orders

In yesterday's article, the short-term pre-set orders for BTC were placed long near 63,600-63,900, with the first target of 64,800 and the second target of 65,200 both being perfectly achieved, securing a profit of over 1,000 points. For ETH, the long position was placed near 3,270-3,300, with the first target of 3,360 and the second target of 3,380 also accurately securing a profit of 60-80 points.

BTC Trading Suggestions:

Long near 65,800-66,200, with targets at 67,000-67,300

ETH Trading Suggestions:

Long near 3,340-3,380, with targets at 3,440-3,470

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Candlesticks are king, trends are emperor. I am Master Chen, focusing on BTC, ETH, and altcoin spot contracts for many years. There is no 100% method, only 100% following the trend. I update macro analysis articles across the web daily, technical analysis of mainstream coins and altcoins, and long-term price prediction videos in spot trading. Friendly reminder: This article is only written by Master Chen on the official public account (as shown in the image above). The advertisements at the end of the article and in the comments section are not related to the author. Please be cautious in distinguishing between true and false. Thank you for reading.

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