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[Bitget Research] BTC & ETH Forecast for March 2024

Photo for the Article - [Bitget Research] BTC & ETH Forecast for March 2024

By Bitget Research Chief Analyst Ryan Lee

Bitcoin and Ethereum break another wall again this year before entering the March period, which is very close to the BTC Halving period. These two crypto assets are well-known as one of the top market caps amongst the other assets, which give a good sentiment for the trader and investor when the price is raised. Ryan Lee, Bitget Research Chief Analyst gave his analysis on Bitcoin and Ethereum forecast for March 2024.

Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.

BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

Bitcoin forecast for March 2024

Based on Ryan’s analysis, BTC initiated a new round of upward movement on the Feb. 27th, breaking through the previous high to $57,000. The total market capitalization of BTC is $24.75 billion, with a 24-hour trading volume of $80.9 billion.

The trading volume of nine Bitcoin ETFs in the United States also reached a new high at $3.2 billion.

Institutional bullish sentiment is strong, and with 54 days remaining until Bitcoin halving, coupled with expectations of a midyear Fed rate cut, Bitcoin is expected to find support at $50,000, potentially experiencing volatility in March to challenge historical highs.

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Resistance above is seen at $60,000 and $69,000, while support below is in the range of $48,000 to $52,000.

Ethereum forecast for March 2024

On the ETH side, current price of ETH relative to BTC is relatively weak, but it is gradually accelerating upwards. The ETH/BTC exchange rate has surpassed 0.06, driven by Bitcoin’s rise of over 10% on Feb. 27, although it has retraced somewhat.

However, it has risen by over 13% in the past half month. The main positive factors in Q1 2024 come from the situation of the Cancun upgrade, with various Layer 2 and restaking projects accelerating the lock-up of ETH inventory.

There is a chance for it to break above $3,500, with support at $3,100 and a concentrated chip area at $2,900.

  • On the macroeconomic level, the likelihood of a Fed rate cut in March has decreased, coupled with the current economic data, suggesting the first Fed rate cut may occur in May 2024.
  • Based on this, the approval results of ETH’s ETF may start to ferment, potentially leading to a trend stronger than BTC.
  • In an optimistic scenario, ETH may test the $4,300 range, the high point in 2021, with the actual range depending on market liquidity, expected to oscillate between $2,500 and $3,500 for most of the time.

According to past cycles, there is a possibility that BTC will experience further growth to reach a peak within six months to a year and a half after halving, and ETH may follow suit with a breakthrough.

“With the entry of leading mainstream financial institutions, it can be anticipated that collective market forces will drive ETH to achieve a historical high in 2024, surpassing $4,900.”

Ryan Lee, Chief Analyst, Bitget Research
Photo for the Article - [Bitget Research] BTC & ETH Forecast for March 2024

This article is republished on BitPinas: Bitget Research: BTC & ETH Forecast for March 2024

Disclaimer:

  • Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
  • BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

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