Bitcoin Rebounds as $150K Target for 2024 Comes in View

• The selling pressure was likely driven by profit-taking and miners offloading some bitcoin holdings.
• Solana’s SOL, Cardano’s ADA, ether and meme coins, started to reverse some of Tuesday’s losses.

Buying demand and a reset in funding rates for perpetuals has buoyed bitcoin {{BTC}} prices early Wednesday, fueling a broader-market recovery.

The world’s largest cryptocurrency tumbled over 7% on Tuesday after briefly touching all-time highs, causing a market-wide sell-off and more than $1 billion in liquidations amid the volatility. It dropped to as low as $60,800 but neared $67,000 in Asian morning hours – indicating resilience.

Some observers said the selling pressure was likely driven by profit-taking at historical highs and miners offloading some of their bitcoin holdings. Data shows that inflows in spot bitcoin exchange-traded funds (ETFs) remained strong, with BlackRock amassing over $760 million on Tuesday.

Meanwhile, some market analysts said lofty price targets for bitcoin remained in view as April’s anticipated halving event, which reduces mining rewards in half, approaches.

“As demand from bitcoin ETFs, with $500 million in daily average inflows, continues to outstrip new production, we may see bitcoin’s ongoing surge continue,” Alex Adelman, CEO of bitcoin rewards application Lolli, shared in an email.

“Following the Halving, increased scarcity and strong demand from retail and institutional investors will likely push bitcoin’s price even higher. Based on historical trends following the Halving, bitcoin’s price could top $150,000 in the next year.”

Major tokens, such as Solana’s SOL, Cardano’s ADA, ether {{ETH}} and meme coins, started to reverse Tuesday’s losses, rising as much as 5% in the past hour on bitcoin’s strength.

Dog-themed tokens dogecoin {{DOGE}} and shiba inu {{SHIB}} saw sell-offs of more than 15% on Tuesday but did not rebound alongside the other major tokens.