Bitcoin May Have Already Bottomed At $76,700

Bitcoin briefly fell to $76,700 on March 11 – the first time its price had been this low since around the time Donald Trump won the US election in November. Since then, it has risen steadily back to $84,000 and is, at the time of writing, trading at $83,500. According to some analysts, that recent dip is likely to be the ultimate low for BTC, and have pointed to four factors to back up their argument.

If this does prove to be digital gold’s lowest point, Bitcoin price is likely to soon rise back to $100,000 before going on to its next near-term target of $150,000. There are still many Bitcoin proponents pointing to a $1 million price target.

Crypto Popularity

While it hasn’t yet become completely mainstream, Bitcoin has certainly become a lot more popular. It is accepted by thousands of businesses globally, has its own ETFs, and is especially popular with punters looking for secure and trusted crypto casinos with rapid withdrawals, as well as other users looking to benefit from its fast transaction times.

According to casino expert Wilna van Wyk, Solana and Litecoin offer some of the lowest transaction fees but Bitcoin is often preferred for its liquidity.

Bear Market

Some commentators are calling it a bear market, pointing to similarities between the recent price drop and the crash of 2021. In 2021, however, prices dropped more than 40% in 60 days.

To reach this level, Bitcoin would have to fall to a price of $64,400 by the end of March. Bitcoin’s volatility means that that is theoretically possible, but at its current level, it looks unlikely. Rather, this dip looks more like a price correction similar to that experienced in June 2024.

Dollar Performance

In 2021, the Dollar was showing signs of strength, increasing against a number of foreign currencies. The DXY index measures exactly that – the dollar’s value compared to a basket of foreign currencies. In 2021, it rose from 92.4 in September to 96 in December showing that the dollar had made considerable gains.

This time, however, the reverse is true. Three months ago, at the beginning of 2025, the DXY stood at 109.2 and has dropped to 104 since. Because Bitcoin is generally viewed as a risk-on asset, the world’s largest cryptocurrency typically shows inverse action compared to the DXY.

Stable Derivatives

Another factor that points to the recent price drop being a correction, rather than crypto entering a bear market is the fact that the Bitcoin derivatives market remains consistently stable. Futures premiums are currently 4.5% compared to a premium of less than 0% in 2022.

The Real Estate Crisis

Finally, it has been suggested that there are early signs of a real estate crisis and this could lead to a sell-off of real estate with the resulting capital being poured into other scarce assets, including Bitcoin.

Bitcoin’s 2024 March

Bitcoin posted substantial gains in 2024. It started the year at $42,000 before Bitcoin ETFs launched in the middle of January. Within a few weeks of the launch, Bitcoin’s price had risen past $50,000 and by March the price had gone on to more than $70,000.

By November, Donald Trump had performed a complete about-face regarding his stance on Bitcoin and, despite having previously called it a scam, he had set himself up as the crypto President and promised to make the US the crypto capital of the planet if he was elected.

His changed opinion led to huge investment in his campaign from crypto experts, and when it became apparent that he was going to win the election, crypto prices saw significant gains. At the beginning of November, BTC’s price stood at $70,000 but by the 12^th of November, it had reached $90,000 and was challenging psychological resistance at $100,000 by the end of the month.

Bitcoin peaked at an all-time high of nearly $110,000 in December and bounced around between that high and $95,000 until February.

Price Correction And Market Discontent

Some correction was to be expected following 150% gains in 12 months, and this correction coincided with some murmurings of discontent from the crypto community. Trump had been in power for a month and there had been very little action on the cryptocurrency front.

Recently, President Trump has talked about cryptocurrency again. The Bitcoin strategic reserve that he mooted during the Presidential run-in has been brought back to the surface. Initially, it looks likely that this will take the form of confiscated and seized crypto assets that will no longer be sold off.

Trump’s crypto czar, David Sacks, has said that the country has lost out on $17 billion by selling off coins earlier. Trump also mentioned that a strategic reserve would likely hold Bitcoin and Ethereum as well as Ripple, Solana, and Cardano. However, a White House official later said that these were just examples and they would not necessarily be the coins chosen.

Bitcoin’s Bottom

The crypto market was likely expecting more from the strategic reserve than just holding onto seized coins. The current plan means that the country will not be buying any new coins, and holding onto existing coins could negatively impact liquidity.  

Trump is known for being somewhat deregulatory in his policies, so his term may not see wholesale regulations for cryptocurrency introduced, but it will likely see greater acceptance of some of the biggest currencies, especially if the government does eventually start buying up cryptocurrencies. At that point, Bitcoin’s price is likely to rise again. For now, at least according to some analysts, it looks as though BTC prices have hit a bottom.