Bitcoin rises 1% intraday on low-price buying

BTC·Altcoins Rebound Following US Federal Reserve's Rate Cut Forecast
On the 24th, Multiple Altcoins Surge Over 10% on Dip Buying
Experts Mostly Say "BTC Will Rebound... Reaching $110,000 This Year"

The cryptocurrency market, including Bitcoin (BTC), saw a slight increase on the 24th amid dip buying.

Bitcoin and altcoins, which had been declining due to Trump's expanded trade war, have been showing a slight increase since the 20th. This is based on predictions that major macroeconomic factors affecting the market have already been announced, and the US Federal Reserve's forecast of a rate cut last week.

On the 24th, Bitcoin rebounded by about 1%, with major altcoins rising by over 2%, and smaller-cap altcoins surging over 10%.

◇Bitcoin = As of 4 PM on the 24th on Upbit, Bitcoin's price is 128,180,000 won. Bitcoin's dominance is 61.63%.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 49.79% and 50.21%, respectively.

Experts' views on Bitcoin are predominantly optimistic.

BitMEX CEO Arthur Hayes, cryptocurrency expert Timothy Peterson, and 10x Research founder Marcus Thielen predicted Bitcoin's rebound.

Arthur Hayes stated, "I'm betting that Bitcoin will break $110,000 before retesting $76,500." He explained that the Federal Reserve is transitioning from quantitative tightening (QT) to quantitative easing (QE), focusing on government bonds.

Peterson explained that considering Bitcoin's basic adoption rate and the Federal Reserve's monetary policy easing trend, it would be difficult for Bitcoin to fall below $80,000.

He said, "The current Bitcoin decline will end within 90 days" and "Bitcoin, which has fallen in the past 30 days, could see a 20-40% rally after April 15." He also attached a 120-day graph analysis of Bitcoin.

Thielen argued in a report released on the 24th that Bitcoin has already shifted to a strong trend by surpassing $85,200 as of the 21st and will attempt to rebound to $90,000 soon.

The main events Thielen cited for Bitcoin's rebound are ▲Trump's trade war mitigation ▲US Federal Reserve's rate cut forecast.

◇Rising Coins = As of 4 PM on the 24th on Upbit, Ankr (ANKR) showed the largest increase, rising by about 30%.

Ankr (ANKR) is a cryptocurrency for blockchain-based distributed cloud services, implementing a decentralized cloud platform with fast processing speeds and low fees based on plasma technology.

Based on ERC-20, it is a cryptocurrency that builds a decentralized cloud computing platform using blockchain. It aims to share economy by allowing individuals to rent out excess computing power to others, enabling individuals to generate income through sharing activities.

◇Fear and Greed Index = The digital asset Fear and Greed Index provided by Alternative is at 45 points, entering the 'Neutral' stage. The neutral stage is a section where market participants show psychological resistance and support, indicating important decision-making for future price movements.

The Relative Strength Index (RSI) provided by Sigbit is 72.2, recording an 'overbought' state. RSI measures the relative strength between upward and downward price pressures of a specific asset and indicates the overbought and oversold scale of an asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr