The price of Bitcoin (BTC) has continued its bull run this week, surging past $60,000 on Wednesday.
One prominent analyst predicts Bitcoin could hit $70,000 by the end of March if this trend continues.
The eco-friendly Green Bitcoin (GBTC) project is also gaining momentum. Indeed, it has now raised over $1.2 million in its ongoing ICO.
Analyst Predicts New All-Time 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.
Based on his analysis, bears are moving up large sell orders to the $70,000 level, signaling that they believe the lower price won’t hold for long.
Meanwhile, many buyers are still waiting on the sidelines, hoping for a dip back to between $30,000 and $40,000 to buy in – but Munger thinks they’ll miss out.
As buying pressure continues to outpace selling pressure, these sidelined buyers will be forced to start bidding at higher and higher prices to buy BTC.
This will give the price more fuel to surge to new all-time highs.
Ultimately, Munger predicts Bitcoin will blast past its previous peak and hit $70,000, potentially by the end of the month.
Should Munger’s forecast prove accurate, it would represent a further 11% rise from Bitcoin’s current price.
Record Volume & Rocketing Open Interest Push Bitcoin’s Price Higher
Beyond Munger’s order book analysis, other signs are pointing to growing strength and momentum for Bitcoin.
February saw the largest-ever monthly candle for BTC in dollar terms, closing nearly $20,000 higher than the start of the month.
This added over $390 billion to Bitcoin’s overall market cap, representing a 47% monthly gain.
Trading activity in crypto derivatives like futures and options also hit new highs this past week across platforms like Deribit and Coinbase.
Open interest on Deribit also hit a new all-time high above $29 billion.
Meanwhile, spot Bitcoin ETFs saw massive inflows last month, with several days passing $2 billion in volume.
This confluence of factors, from Bitcoin’s giant monthly candle to the institutional adoption, all seems to suggest the coin’s bull run still has scope to continue – and even take Bitcoin to a new all-time high in the coming weeks.
Green Bitcoin Passes $1.2m Milestone as Sustainable Investing Goes Mainstream
The rise in crypto market optimism has also spilled over to benefit promising new projects like Green Bitcoin, an eco-friendly platform aiming to reduce the environmental impact of blockchain networks.
Taking advantage of the positive sentiment, Green Bitcoin’s ongoing ICO has now raised over $1.2 million as it continues gaining traction in the crypto community.
The ICO offers discounted GBTC tokens, with the current price set at $0.536.
However, this price will rise incrementally as the ICO hits funding milestones – meaning those who invest the earliest will obtain the lowest entry point.
GBTC’s token supply is capped at 21 million, like Bitcoin, with 50% allocated to the ICO and 20% for staking rewards.
Regarding staking, GBTC holders can lock up their tokens and earn yields as high as 241% per year.
This staking protocol is also “gamified,” meaning GBTC holders can participate in a Bitcoin price prediction game where they forecast whether BTC’s value will rise or fall.
Those who offer accurate predictions and get them in a “green zone” will receive hefty staking bonuses on top of the base rate.
Finally, given Green Bitcoin operates using a Proof-of-Stake (PoS) consensus mechanism, its energy consumption is significantly lower than Bitcoin’s.
Overall, the combination of a novel staking protocol, eco-friendly foundation, and capped token supply make Green Bitcoin a promising project for those seeking long-term growth potential.