Summary
Bitcoin reached a new all-time high in March 2024, with a 18.5% gain from the start of the month. ARK Invest’s report shows a bullish market sentiment despite profit-taking, with Bitcoin’s valuation remaining below unsustainable levels. The market also saw improvements in risk-adjusted returns and scaling solutions. While the outlook is positive, other factors like the upcoming Bitcoin halving event and macroeconomic conditions should also be considered.
Key Points
1. Bitcoin reached a new all-time high in March 2024, showing significant gains and a surge during the first quarter of the year.
2. Despite profit-taking by long-term holders, the market sentiment for Bitcoin remains bullish, with indicators like the MVRV Z-Score suggesting sustainable valuation levels.
3. Bitcoin’s technical support levels, such as the short-term holder cost basis and 200-day moving average, indicate a resilient market price, with continued interest and investment in Bitcoin from both retail and institutional investors.