Bitcoin Rebounds as $150K Target for 2024 Comes in View
Bitcoin prices recovered early Wednesday after a 7% drop on Tuesday, which led to a market-wide sell-off and over $1 billion in liquidations. The cryptocurrency fell to $60,800 but rebounded to nearly $67,000. The sell-off was likely due to profit-taking at historical highs and miners selling some of their bitcoin holdings. Despite this, inflows in spot bitcoin exchange-traded funds (ETFs) remained strong, with BlackRock accumulating over $760 million on Tuesday. Market analysts predict high price targets for bitcoin as the anticipated halving event in April, which reduces mining rewards by half, approaches. Other major tokens like Solana's SOL, Cardano's ADA, and ether also started to recover, rising up to 5%. However, dog-themed tokens dogecoin and shiba inu did not rebound with the other major tokens.
