Bitcoin price hits new record of $73.8K, prompting anticipation of significant market shift, says cryptocurrency expert.

Bitcoin (BTC) reached a new all-time high on March 14, fueling anticipation of further price increases. The record was captured on Bitstamp, with the price hitting $73,794. The cryptocurrency rebounded strongly, erasing any previous weaknesses. Analysts noted that Bitcoin successfully retested old all-time highs as support. The buy-side impact of the United States’ spot Bitcoin exchange-traded funds (ETFs) also generated excitement. These ETFs saw net inflows of $683.7 billion on March 13, surpassing outflows from the Grayscale Bitcoin Trust (GBTC). Statistician Willy Woo and Cathie Wood, CEO of ARK Invest, both expressed optimism about the institutional products, with Woo suggesting that they were just getting started. Another significant development was the announcement by tech firm MicroStrategy that it planned to acquire more than 1% of the total Bitcoin supply. Despite some concerns about sustaining current momentum, bullish calls remained strong, with Charles Edwards of Capriole Investments predicting fresh upside for BTC/USD. Edwards stated that Bitcoin was “getting ready for a big move” and emphasized the importance of ETF inflows.