TLDR
- Bitcoin currently trades at around $82,000, down from its January all-time high of $109,000
- BlackRock’s Bitcoin ETF (IBIT) recorded its highest single-day inflows in six weeks with 2,660 BTC ($217 million)
- New Bitcoin whales have accumulated over 1 million BTC since November 2024, with 200,000 BTC added this month alone
- Bitwise CIO Matt Hougan predicts Bitcoin could reach $1.1 million by 2029 despite current market volatility
- Long-term Bitcoin holders have accumulated 167,000 BTC (worth $14 billion) in the past month
Bitcoin (BTC) is currently trading at around $82,000, marking a 24.3% drop from its all-time high above $109,000 recorded in January 2025. The cryptocurrency has been consolidating in a tight range between $81,000 and $84,000 in recent days.
BTC Price
This price consolidation comes ahead of the Federal Reserve’s FOMC Meeting scheduled for this week. The market is closely watching for signals about interest rates and monetary policy that could impact cryptocurrency prices.
Despite the current bearish sentiment, institutional interest in Bitcoin appears to be growing. BlackRock’s iShares Bitcoin Trust (IBIT) recently recorded its highest single-day inflows in six weeks.
On Tuesday, IBIT added 2,660 Bitcoins worth approximately $217 million. This marks the most significant single-day inflow for the ETF since February 4, 2025.
3/18 BlackRock Bitcoin ETF $IBIT net flow: 2,660 Bitcoin ($217.26 million)
(HIGHEST INFLOW SINCE FEB. 4TH 2025)
Volume traded: $1.6 billion https://t.co/GQfnHajDD2 pic.twitter.com/S9AozMMLvj— Trader T (@thepfund) March 19, 2025
Trading activity around IBIT has also surged. The ETF recorded a substantial $1.6 billion in trading volume, showing renewed investor interest despite market volatility.
On-chain data reveals that “new whales” – defined as holders with at least 1,000 BTC acquired within the past six months – have been actively accumulating Bitcoin. This trend began in November 2024 and has accelerated in recent weeks.
These new large investors have collectively acquired over 1 million BTC in total. More than 200,000 BTC was added just this month, indicating strong confidence in Bitcoin’s long-term outlook.
Meanwhile, long-term Bitcoin holders continue to accumulate at every price dip. According to data from Glassnode, this investor cohort has added approximately 167,000 BTC – valued at nearly $14 billion – in the past month alone.
MicroStrategy, now operating under the name Strategy, has announced plans to raise an additional $500 million for Bitcoin purchases. The company intends to issue 5 million shares of its 10.00% Series A Perpetual Strife Preferred Stock to fund these acquisitions.
Technical Analysis
From a technical analysis perspective, Bitcoin faces resistance at the 200-day Simple Moving Average around $84,000. An additional hurdle exists at the 50-day SMA, positioned at the $91,000 level.
If Bitcoin fails to hold above the $80,000 support level, analysts suggest it could drop further to $75,000 or lower. The Federal Reserve’s interest rate decision on Wednesday will likely influence Bitcoin’s price action in the near term.
Looking at longer-term projections, Bitwise CIO Matt Hougan has issued a bullish forecast for Bitcoin. In an investor note released on March 18, Hougan predicted that Bitcoin could reach $1.1 million by 2029.
Hougan described a “dip then rip” phenomenon for Bitcoin. He highlighted how the cryptocurrency has historically soared over 190% in years following significant price dips.
Using Discounted Cashflow Analysis, Hougan suggested that a $1 million Bitcoin price target by 2029 implies a net value of $218,604 today if investors apply a 50% discount factor.
The Bitwise executive noted that Bitcoin doesn’t always function as a crisis hedge, which is why many investors buy it. In some cases, Bitcoin price movements correlate with the broader US stock market in reaction to macroeconomic news.
Hougan also analyzed the relationship between Bitcoin and the ongoing US tariff war. He explained that Bitcoin’s price reaction is largely influenced by market liquidity conditions.
According to his analysis, the geopolitical tariff war may inject liquidity into the market in the short term. If this trend continues, it could potentially benefit Bitcoin as it serves as a hedge against economic uncertainty.
Regulatory developments may also play a role in shaping Bitcoin’s future. Senator Cynthia Lummis recently re-introduced the Bitcoin Act Bill, which could boost institutional confidence in the cryptocurrency.
Some market participants have speculated about the US government potentially establishing a strategic Bitcoin reserve. Such a move could have significant long-term implications for the asset’s adoption and value.
While short-term price action remains uncertain, the continued accumulation by institutional investors and large holders suggests strong conviction in Bitcoin’s long-term prospects despite current market challenges.
