Bitcoin, Ethereum, Dogecoin Register Little Change Amid Bullish Momentum: Analyst Says $160K Could Be A 'Conservative' Price Target For King Crypto

Bitcoin and Ethereum registered little price movement on Tuesday as the apex cryptocurrency maintained its momentum.

What Happened: Bitcoin is currently priced at $70,328. If it reaches $71,000, CoinGlass data shows that $156.18 million in short positions will be liquidated. Furthermore, a climb to $75,000 will result in the liquidation of $3.85 billion in short positions.

In the last 24 hours, a total of 70,225 traders were liquidated, resulting in a total of $179.83 million in liquidations. The largest single liquidation order occurred on OKX – BTC-USDT-SWAP, with a value of $1.56 million.

Top Gainer (24 Hour)

The global cryptocurrency market cap now stands at $2.66 trillion, showing a 0.16%  increase in the past 24 hours.

The S&P 500 dropped for the third consecutive day on Tuesday, decreasing by 0.28% to conclude at 5,203.58. Similarly, the Nasdaq Composite experienced a 0.42% decline, ending at 16,315.70. The Dow Jones Industrial Average also dipped by 31.31 points, or 0.08%, settling at 39,282.33. 

On Tuesday, economic data produced mixed results, with durable goods orders surpassing expectations, while consumer confidence showed a decline.

Investors are anticipating the upcoming personal consumption expenditures report on Friday, along with statements from Federal Reserve Chairman Jerome Powell. Median forecasts suggest a 2.8% increase in core PCE, the Fed’s preferred inflation measure.

Notably, markets will be closed for Good Friday, preventing investors from acting on the news that day.

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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe reports that Bitcoin has been performing well, currently approaching the first resistance. "Expecting consolidation to continue, one more test of ATH pre-halving and then we’re finalizing this run for Bitcoin. Altcoins to do well!"

Pseudonymous analyst Dave the Wave said Bitcoin’s price trajectory from 2020 suggests that the cryptocurrency could reach $160,000 before May and keep rising.

"A BTC $160,000 target, should we see a continued parabolic run, is actually quite conservative on this comparison."

According to on-chain analyst Ali Martinez, it seems like Bitcoin is breaking out of an ascending triangle on the lower time frames. "…which could see $BTC rise toward $71,800 as long as the $70,400 support holds."

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