In early March 2024, Bitcoin finally did it — surpassing $70,000 for the first time in history.
After months of speculation and a series of institutional inflows into spot Bitcoin ETFs, the world’s leading cryptocurrency entered price-discovery mode once again.
The rally was fueled by:
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Strong ETF demand from both U.S. and European investors,
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Expectations of Federal Reserve rate cuts later in the year,
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And renewed interest in crypto as a hedge against fiat uncertainty.
“It’s not just hype anymore,” says Graham Foster, senior trader at Nexa Level X.
“Bitcoin has evolved from a speculative bet into a strategic asset — and institutions know it.”
Market Context: A Perfect Storm of Momentum
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The S&P 500 and Nasdaq both hit multi-year highs, boosting investor sentiment.
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The U.S. dollar index (DXY) weakened as rate-cut expectations increased.
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Crypto ETFs saw record inflows exceeding $2.1 billion in just two weeks.
Ethereum and altcoins followed the trend, with ETH briefly surpassing $3,900, while Layer-2 tokens like Arbitrum and Optimism benefited from renewed capital rotation.
“You could feel the liquidity coming back,” notes Foster.
“Traders who positioned early in February saw outsized returns, but even late entries benefited from strong momentum.”
Possible Scenarios Ahead
| Scenario | Probability | What It Means |
|---|---|---|
| Continued Rally | 45 % | If ETF inflows remain steady and the Fed signals cuts, BTC could target $80,000–85,000. |
| Healthy Correction | 35 % | A pullback toward $63,000–65,000 could attract long-term buyers before another leg up. |
| Macro-Driven Reversal | 20 % | A shift in inflation or geopolitical risk could trigger a temporary risk-off phase. |
“Volatility isn’t a threat — it’s an opportunity,” says Foster.
“When price discovery starts, disciplined traders ride the wave while managing exposure.”
Key On-Chain and Technical Metrics
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Long-term holders are reducing distribution, signaling strong conviction.
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Funding rates remain moderate — a sign that leverage hasn’t reached bubble levels.
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RSI near 70 suggests a short-term overbought condition, but not a structural top.
Foster highlights that psychological levels — like $70 k — tend to attract both euphoria and hesitation:
“Every all-time high tests the patience of both bulls and bears. What matters isn’t price — it’s how you manage your emotions.”
Foster’s Trading Takeaways
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Don’t chase green candles. Wait for consolidation before entering.
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Use trailing stops — volatility can erase profits fast.
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Focus on fundamentals like ETF flows and macro data.
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Diversify with Ethereum or high-utility altcoins.
“This phase is where professionals build positions,” Foster concludes.
“Those who focus on noise will miss what could be the start of a multi-year expansion.”
Conclusion
March 2024 will be remembered as the month Bitcoin broke its own ceiling.
But for experienced traders like Graham Foster, this wasn’t a surprise — it was a setup years in the making.
The crypto market now stands at a pivotal point: between euphoria and maturity, between speculation and structure.
And as Foster reminds us —
“In every breakout, the winners are those who prepared for it long before it happened.”
