Bitcoin (BTC) Price Forecast: $75,000 Breakout this Week?

Bitcoin (BTC) price set another global peak of $72,967 on March 12 2024, as the bulls established a steady support base above the $70,000 mark. On-chain data shows that despite BTC trending at historic peaks, investors commentary across media platforms remains dominantly bullish. 

Can Bitcoin price capitalize on the positive media buzz to stake a claim for the $75,000 territory in the weeks ahead?

Media Buzz  Surges to Pre-ETFs Peaks

With floodgates of institutional demand swung wide open by Bitcoin ETFs. BTC price has continued its impressive price discovery phase this week. On March 12, BTC briefly grazed the $73,000 mark before entering a mild-pull back. 

However, on-chain data trends shows that the media sentiment behind Bitcoin remains overwhelmingly bullish.

Santiment’s weighted sentiment chart is a key social metric that weighs the number of positive comments about a specific crypto asset, to the negatives. Positive values of weighted sentiment signals overwhelmingly bullish comments and vice versa.

The chart above illustrates that BTC weighted sentiment hit a 60-day peak of 3.28 ahead of the March 12 rally. The last time Bitcoin recorded this many bullish comments was around January 10 as news about the ETF approvals filtered through the media. 

Forecast: Can Bitcoin Price Reach $75,000?

Social trends offer insights into how bullish or bearish traders are likely to lean in the coming days. When weighted sentiment records unusual spikes, it signals that market participants are anticipating further price upside.

And more often than not traders put their money where their mouth is. 

Notably, BTC price soared 12% between Jan 9 and Jan 11, smashing the $48,900 mark for the first time in 2-years, when weighted sentiment hit a yearly peak of 4.49 around Jan 10. 

Record-breaking Bitcoin inflows and bullish announcements from MicroStrategy’s latest BTC haul have been major catalyst for the positive buzz around Bitcoin this week.

In terms of short-term price movement, BTC is currently trading around  $73,000, at press time on March 12, up 20% for the month. The Parabolic SAR indicator points below the current price, signaling that the market momentum is firmly bullish.

A repeat of the rare market pattern observed in mid-January could see Bitcoin price soar above $75,000 in the weeks ahead. 

In the event of a bearish downswing, the bull can mount a formidable support buy-wall at the $65,000 range.