Bitcoin, Ethereum, Solana Crypto Price Prediction: Is The ETF Rally On Course To $70,000?

29.02.2024

Bitcoin’s surprise move on Wednesday from a low of $56,738 to $63,913 sparked widespread price increases among altcoins with Ethereum (ETH) leading the charge to $3,500. Based on the latest crypto price prediction, both fundamentals and technical levels are strong for a continued rally towards the all-time high near $70,000 and BTC’s eventual climb above $70,000.

Bitcoin Price Prediction: Can BTC Reach $70,000 In March

Several factors are driving BTC on its unstoppable north-facing trajectory. The launch of spot Bitcoin ETFs in January drastically changed the crypto landscape not only for Bitcoin but also for altcoins, especially majors such as ETH and Solana (SOL).

According to SoSoValue, a platform tracking the performance of the ETFs, the total net inflow reached $673 million on February 28, marking another bullish streak, Chinese reporter Wu Blockchain highlighted on X.

According to SoSoValue data, on February 28th, the total net inflow for Bitcoin spot ETFs was $673 million. The previous day, Grayscale’s ETF GBTC had a net outflow of $216 million. The Bitcoin spot ETF with the highest net inflow on that day was BlackRock’s ETF IBIT, with a net… pic.twitter.com/vMglAXclJd

— Wu Blockchain (@WuBlockchain) February 29, 2024

BlackRock holds as the best-performing ETF with $612 million in net daily inflow and $7.15 billion in total net inflow.

The increasing demand for Bitcoin due to the ETF is putting buying pressure on the rally and together with growing optimism ahead of the halving in April, promise a gigantic rally.

Bitcoin will undergo its four-year halving cycle in April. During this event, miner rewards are usually halved to control the supply and keep BTC a deflationary asset.

It is this noticeable decrease in supply and with demand increasing or staying the same that changes the dynamics of the market, thus the expectations of a bull run after halving.

Bitcoin price also tends to rally, weeks or a couple of months before halving, catalyzed by growing interest among investors who prefer to buy the rumor. After this halving cycle, miners will be rewarded 3.125 BTC down from 6.25 BTC.

Amid the hyped-up market sentiment, Bitcoin is valued at $62,274 currently. An engulfing weekly candle saw bulls take the reins slightly above $50,000 early this week.

BTC weekly price chart | Tradingview

Besides the bullish technical indicators like the MACD and the RSI, FOMO is a much stronger force now and will likely keep BTC on the move in the short term. Unless profit-booking takes precedence, Bitcoin shows signals of rising to new all-time highs in March.

Recommended: Bitcoin Price Prediction: As $750M Rushes Into ETFs, Here’s Why BTC Could Top $70,000 Pre-Halving

Ethereum Price Analysis: Is ETH Chasing After New ATH

The second most valuable cryptocurrency, boasting $416 billion in market cap and a 24-hour trading volume worth $37 billion launched above $3,500 on Thursday bolstered by the generally bullish market and its major upcoming upgrade called Dencun.

Investors are also buying Ethereum while speculating about a possible spot ETF approval. The greenlighting of Bitcoin ETFs has seen attention shift to Ethereum and with the attention spot BTF ETFs are getting, the impact on ETH price could be monumental.

Like Bitcoin, Ethereum price has taken a breather after touching highs around $3,500. As the token teeters at $3,464 during US business hours, traders are keen to spot bouncebacks, after all, dips have proven to be profitable in the bull market.

ETH price chart | Tradingview

Some of the key levels to keep tabs on are higher support at $3,400 and resistance at $3,600. Breaking above this weekly hurdle could quickly send Ethereum to $4,000. If losses become stubborn, the $3,200 level will come in handy.

Solana Price Forecast: Peaks Above $130

Solana blasted past its previous peak at $125, topping out at $132. The Layer-1 blockchain known for its unmatched scalability and low transaction fees, had dropped to $85 during January’s uncertain market conditions.

SOL price chart | Tradingview

The weekly chart shows SOL trading above key bull market indicators like the 20-week EMA, the 50-week EMA, and the 200-week EMA. A buy signal from the MACD backs the uptrend, encouraging investors to keep buying as momentum increases.

Support above $130 would steady the price increase further, with Solana price expected to peak above $140 this week and beyond $150 in early March.