Bernstein Updates Bitcoin Target to $90,000 – Increase in Bitcoin Open Interest

Bernstein Increases Year-End Bitcoin Price Target to $90,000

Analysts at research and brokerage firm Bernstein raised their Bitcoin price target for the end of the year from $80,000 to $90,000 due to improving market conditions. Analysts predict that Bitcoin could rise as high as $150,000 at the 2024 – 2025 cycle peak, and they expect the upcoming halving event to have less impact on miners compared to previous years. Factors such as strong ETF inflows, low miner leverage, and high network transaction fees contribute to the halving event having a relatively mild impact relative to miners’ revenues.

RWA Tokens and Memecoins Gained Value

The RWA token market cap is currently recorded at $5.54 billion and has increased by more than 31% in the last 24 hours. The biggest gainers among the top five tokens in the RWA token subsector were Polymesh blockchain’s native token POLYX (up 86.5%), Centrifuge (up 46.5%), and Ondo (up 33%).

USA Sues Apple

The U.S. Department of Justice has filed a sweeping antitrust lawsuit against tech giant Apple, alleging that the company’s app market rules and monopoly illegally stifle competition and stifle innovation. The March 21 complaint, backed by 16 state attorneys general, alleged that Apple had established a monopoly in the smartphone market and was using that monopoly to “coerce developers” into using its payment system, thus trying to lock both developers and users into its platform. The U.S. Department of Justice alleged that Apple’s App Store guidelines and developer agreements contain a set of variable rules and restrictions that allow the company to charge higher fees, stifle innovation, deliver a less secure or inferior user experience, and stifle competitive alternatives.

Significant Increase in the Number of Cardano Wallets

The number of wallets on the Cardano network reached 4,651,150 on March 20, representing a 3.75% increase from where it stood at 4,483,116 on January 1. These figures mean that an impressive 168,034 new user wallets have been added to the Cardano blockchain since the beginning of 2024, with an average of around 2,100 new wallets added per day in 2024. This reflects the increasing adoption of the Proof of Stake (PoS) network.

Avalanche Foundation Launches Memecoin Rush Program

Avalanche Foundation announced the launch of the $1 million Memecoin Rush program. The Foundation has launched the first phase of its mining incentive program designed to improve liquidity and increase momentum for the community coin ecosystem on Avalanche. The new Memecoin Rush is an extension of Avalanche Rush, an existing liquidity program launched in 2021 to support the growth and development of Avalanche DeFi.

Increase in Bitcoin Open Interest

According to Coinglass data, there has been a significant increase in Bitcoin open interest, and even with a slight decrease from the highest levels, the total open interest has reached 500 thousand BTC. Additionally, the total amount of open interest has increased by 25% since the beginning of March, with Bitcoin futures traded on the CME exchange contributing greatly to this increase. According to CME Group data, there has been a 20% increase in open interest since March 5.

Strong Performance from USDM, Cardano’s Stablecoin

After the launch of USDM, Cardano’s stablecoin, de-pegging occurred with great demand. USDM is currently only accessible in 17 states of America. Showing a strong performance with high demand, USDM rose to the level of 5 dollars with a 400% gain in value.

Polkadot Introduces PINK Token Joining Memecoin Hype

Polkadot, which has been involved in the memecoin enthusiasm in the past weeks and months, announced the PINK token in its statement yesterday. This token represents PINKDROP, an interactive browser game designed to educate users about the Polkadot ecosystem. By participating in PINKDROP, users can earn PINK tokens as rewards for their achievements.

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BITCOIN(BTC)

As of the morning hours, BTC is priced at $66,443 with a 1.47% gain in value. When we examine the hourly chart, we see an upward reaction from the $65,288 level, which we follow as the support zone. Bitcoin, which is currently priced above the $66,000 level, may move up to $68,000 if it stays above this region. In case of a withdrawal, the $66,000 level can be followed as support.

ETHEREUM(ETH)

As of the morning hours, ETH is priced at $ 3536 with a 1.35% gain in value. Ethereum, which fell to the $ 3420 region with the withdrawal movement yesterday, is priced above the $ 3500 level again with the movement from this region. If this movement continues, the $3600 region can be followed as resistance. In case of a withdrawal, the $ 3470-3500 region appears as an important support zone.

RIPPLE(XRP)

As of the morning hours, XRP is priced at $ 0.6360 with a 0.66% loss in value. We see that yesterday, the $0.65 level was tested with a breakout movement above the $0.6150 resistance zone, and it received a reaction from the resistance zone in this region. If the downward movement continues, the $0.63 region can be followed as short-term support. In upward movements, first the $0.64 and then the $0.65 levels stand out as important resistance areas.

AVALANCHE(AVAX)

AVAX is priced at $55.93 with a 3.92% gain in value as of the morning hours. AVAX is priced above the $50.95 level, which we follow as a support zone, and if it continues this movement, the $60 zone can be followed as resistance. In short-term retreats, the $54 level appears as an important support zone.

SOLANA(SOL)

SOL is priced at $179 with a 0.22% depreciation as of the morning hours. When we examine the hourly chart, we see that there is a horizontal movement between the $195 and $168 levels. These two levels can be followed as main resistance and support zones. In upward movements, the $180 level appears as an important resistance in the short term. If there is persistence above this region, the $185 level can be tested. In case of a withdrawal, the $170 level can be followed as support.

CHAINLINK(LINK)

As of the morning hours, LINK is priced at $18,381, with a 0.35% loss in value. When we examine the hourly chart, we see that there is some upward movement, but the $18,800 level is acting as resistance. If this area is broken upwards, the $19.50 level can be followed. In case of a withdrawal, the $18 level can be followed as support.

AXS
AXS is priced at $10.44 with a 3.23% gain in value as of the morning hours. When we examine the hourly chart, we see that the resistance zone of $ 10.30 has been broken upwards. If this movement continues, a move towards the $11 region may be possible. In case of a withdrawal, the broken resistance level of $ 10.30 can be followed as support.

ENJ

As of the morning hours, ENJ is priced at $0.5242 with a 3.76% gain in value. When we examine the hourly chart, we see that the $0.5174 resistance level is broken upwards. If this movement continues, the $0.55 level can be followed as resistance. In case of short-term withdrawals, the $0.52 level can be followed as support.