Bitcoin Price Prediction: BTC to Target $70,000? ETF Surge & Tesla Buys Fuel Rally

Arslan Butt
Last updated: | 3 min read

During the Asian session, Bitcoin price is trading at $67,500 with a near 1% increase on Friday. This growth parallels the significant strides within the Bitcoin ETF sector, exemplified by the Volatility Shares 2X Bitcoin Strategy ETF (BITX) nearing a milestone of $1 billion in assets.

Coupled with Travala’s new Bitcoin cashback rewards and Tesla’s speculative Bitcoin acquisitions, these developments underscore a pivotal moment for Bitcoin.

This wave of enthusiasm hints at an optimistic “Bitcoin price prediction,” promising potential for substantial market impacts and wider cryptocurrency adoption.

Bitcoin ETF Boom: BITX Nears $1 Billion in Assets Amid Crypto Surge

The Volatility Shares 2X Bitcoin Strategy ETF (BITX) is on the brink of overseeing $1 billion in assets, showcasing a remarkable 124% growth since January. This leap has notably outshined Bitcoin’s own 61% rise, with BITX leveraging CME bitcoin futures contracts for exposure.

Despite the inherent risks of leveraged trading and daily rebalancing, BITX has witnessed substantial growth:

  • Accumulated $541 million in assets since its inception in June 2023.
  • Garnered $402 million in 2024 alone, reflecting soaring investor interest.
  • Currently stands as the second-leading futures-based ETF, just behind ProShares’ BITO, with $914 million in AUM.

BITX’s pioneering status in the market, despite new entrants like Valkyrie’s BTFX, solidifies its competitive edge. This burgeoning ETF popularity may further invigorate Bitcoin prices, highlighting an increasing appetite for leveraged cryptocurrency investments.

Travala Introduces Bitcoin Cashback Rewards for Elite Tourists has unveiled an innovative Bitcoin cashback program, offering a lucrative 10% incentive for its Smart Diamond tier users. CEO Juan Otero highlights the initiative as a response to Bitcoin’s scarcity and its mounting appeal, further amplified by the recent launch of a spot ETF.

This program allows members to either withdraw their rewards to external wallets or use them directly for travel expenses.

In 2023, Bitcoin transactions on Travala exceeded $5 million, representing 9% of all payments on the platform. However, access to this program is exclusive, requiring ownership of a Travel Tiger NFT and staking of 2,500 AVA tokens.

Key Points:

  • Travala’s Bitcoin cashback program targets elite travelers with a 10% incentive.
  • Over $5 million spent in Bitcoin on Travala in 2023, showcasing significant adoption.
  • Program eligibility includes holding a Travel Tiger NFT and staking AVA tokens.

This bold move towards crypto-based rewards could revolutionize traditional loyalty schemes and reduce costs, potentially driving broader acceptance of Bitcoin in everyday transactions.

As Travala encourages the use of Bitcoin for travel, this could positively influence Bitcoin prices, aligning with the growing demand from travelers.

Tesla’s Bitcoin Holdings Stir Market Speculation

Recent scrutiny of wallet data revealing Tesla’s ownership of 11,509 Bitcoin—more than initially disclosed—has sparked speculation about the electric vehicle giant possibly ramping up its Bitcoin investment.

Since Tesla’s initial $1.5 billion Bitcoin purchase in February 2021, Elon Musk’s changing stance on the cryptocurrency has led to sales and varied adoption levels within the company.

The market is abuzz with theories ranging from accounting oversights to anticipations of a strategic repurchase influenced by Musk’s forthcoming guidance.

Key Points:

  • Uncovered wallet data suggests Tesla holds more Bitcoin than reported, fueling buyback rumors.
  • Elon Musk’s wavering views on Bitcoin impact Tesla’s investment strategy.
  • Speculation is further fueled by SpaceX’s Bitcoin assets and Michael Saylor’s positive outlook.

As discussions unfold, the crypto community eagerly awaits confirmation or clarification from Musk, considering his significant influence on market dynamics.

This speculation could temporarily affect Bitcoin’s price, underscoring the cryptocurrency’s sensitivity to high-profile corporate movements and statements.

Bitcoin Price Prediction

On March 8, Bitcoin (BTC/USD)‘s pivot point established at $65,050. It faces immediate resistance at $69,045, with further ceilings at $71,992 and $75,598 that could test its ascent.

Conversely, support is identified at $62,872, with subsequent floors at $59,380 and $56,231 acting as buffers against declines.

The Relative Strength Index (RSI) at 57 and the 50-Day Exponential Moving Average (EMA) at $63,766 suggest a cautiously optimistic outlook.

Bitcoin Price Prediction
Bitcoin Price Prediction

However, recent doji and spinning top candles on the 4-hour chart indicate market indecision. Despite this, Bitcoin’s trend remains bullish above $65,050, with potential for a significant downtrend if it dips below this critical threshold.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.