Analyst Backs Bitcoin at $70,000 in March as Green Bitcoin ICO Surpasses $1.2M

The price of Bitcoin (BTC) continued to rise this week, surpassing $60,000 on Wednesday.

A prominent analyst predicts that Bitcoin could reach $70,000 by the end of March if this trend continues.

The Green Bitcoin (GBTC) ecological project is also gaining momentum. Indeed, it has now raised over $1.2 million in its ongoing ICO.

Analyst predicts new record high for Bitcoin in March

The bold prediction of $70,000 in March comes from Bitcoin Munger on Twitter.

He closely studied the order book, which shows the number of buy and sell orders placed at different price levels.

According to his analysis, bears are pushing large sell orders up to the $70,000 level, signaling that they believe the bottom price will not last long.

Meanwhile, many buyers are still waiting on the sidelines, hoping to come in at $30,000 to $40,000 to buy — but Munger thinks they’ll miss out.

As buying pressure continues to exceed selling pressure, these marginalized buyers will be forced to start bidding at higher and higher prices to purchase BTC.

This will give the price more fuel to reach new all-time highs.

Ultimately, Munger predicts that Bitcoin will surpass its previous high and reach $70,000, potentially by the end of the month.

If Munger’s predictions prove correct, this would represent an additional 11% increase over Bitcoin’s current price.

Record Volume and Skyrocketing Open Interest Push Bitcoin Price Higher

Beyond Munger’s order book analysis, other signs point to growing strength and momentum for Bitcoin.

February saw the largest monthly candle on record for BTC in dollar terms, closing almost $20,000 higher than at the start of the month.

This added over $390 billion to Bitcoin’s overall market capitalization, representing a monthly gain of 47%.

Trading activity in crypto derivatives such as futures and options also hit new highs last week on platforms including Deribit and Coinbase.

Open interest on Deribit also reached a new all-time high, above $29 billion.

Meanwhile, spot Bitcoin ETFs saw massive inflows last month, with volume exceeding $2 billion over several days.

This confluence of factors, from Bitcoin’s giant monthly candle to institutional adoption, seems to suggest that the coin’s bull run still has room to run – and even take Bitcoin to a new all-time high in the coming weeks.

Green Bitcoin Crosses $1.2 Million Milestone as Sustainable Investing Goes Mainstream

The crypto market’s growing optimism has also trickled down to promising new projects like Green Bitcoin, an eco-friendly platform aimed at reducing the environmental impact of blockchain networks.

Capitalizing on the positive sentiment, Green Bitcoin’s ongoing ICO has now raised over $1.2 million as it continues to gain traction in the crypto community.

The ICO is offering GBTC tokens at a discount, with the current price set at $0.536.

However, this price will gradually increase as the ICO reaches funding stages, meaning those who invest earliest will get the lowest entry point.

GBTC’s token supply is capped at 21 million, like Bitcoin, with 50% allocated to the ICO and 20% to staking rewards.

When it comes to staking, GBTC holders can lock up their tokens and get returns of up to 241% per year.

This staking protocol is also “gamified,” meaning GBTC holders can participate in a Bitcoin price prediction game in which they predict whether the value of BTC will increase or decrease.

Those who come up with accurate predictions and place them in a “green zone” will receive large wagering bonuses on top of the base rate.

Finally, since Green Bitcoin operates using a Proof-of-Stake (PoS) consensus mechanism, its energy consumption is significantly lower than that of Bitcoin.

Overall, the combination of a new staking protocol, an environmentally friendly foundation, and a capped token supply makes Green Bitcoin a promising project for those looking for long-term growth potential .

Visit the Green Bitcoin Presale

reference: watcher.guru

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