Last update:
April 11, 2024, 8:07 a.m. EDT | 3 minutes read
BTC is up 2.5% in the last 24 hours, with Bitcoin price reaching $70,561, on a day that saw the crypto market gain 1.5%.
Bitcoin is now up 6.5% in a week but down 2% in a month, with the largest cryptocurrency also seeing a 134% rise in a year.
Still, the next 12 months could be even better for Bitcoin than the previous ones, as today's rise comes on expectations that rising inflation could force the Fed to cut interest rates.
And with BTC also awaiting the next halving in just over a week, we could see further rises very soon.
Bitcoin Price Prediction as BTC Jumps Above $70,000 Resistance – Time to Buy?
The BTC chart continues to look encouraging and suggests further rallies in the short term.
Its 30-day moving average (orange) started rising again yesterday and still has plenty of room for another rise before BTC enters overbought territory.
Source: TradingView
It's a similar story with BTC's Relative Strength Index (purple), which has risen from almost 20 a few days ago to around 60 today.
This suggests that momentum has increased for Bitcoin. However, since the RSI has not climbed above 70, we could see another wave of buyers very soon.
Another interesting detail of the chart above is that the coin's resistance (red) and support (green) levels appear to be converging, a process that suggests a big move may be on the way.
With the halving fast approaching, such a move seems likely, and with BTC volume remaining high at $38 billion, it is tempting to say that this move will be positive.
In fact, Grayscale CEO Michael Sonnenshein stated yesterday that outflows from the company's Grayscale Bitcoin Trust may have reached equilibrium, suggesting that recent selling pressure is about to end.
#Bitcoin has a history of choppy price action during ATH breaks.
There is a history of choppy price action surrounding the halving event.
All of these cases have one common denominator: the price rose sharply afterwards.
Be patient. The best is yet to come.
— Jelle (@CryptoJelleNL) April 11, 2024
However, investors need to be wary that the halving could lead to short-term selling as traders “sell the news.”
However, most analysts believe that the tightening BTC supply will drive the price higher in the longer term.
The coin is just 4% below its all-time high (of $73,737) and as funds continue to invest heavily in BTC, it is certainly only a matter of time before it hits a new record.
It could reach $75,000 by May before reaching $80,000 or even $90,000 by the end of the third quarter of 2024.
Small Cap Alternatives for Big Profits
As strong as Bitcoin continues to be, smart traders should probably consider diversifying their portfolios to prepare for the next big bull market.
If chosen wisely, such a portfolio can maximize a trader's potential exposure to the uptrend, especially if they are lucky enough to pick the next big winners.
And one way to identify new coins for this type of portfolio is to look for presale coins that have successfully raised and also have solid fundamentals.
One of the best examples of this right is 99Bitcoins (99BTC), a new Ethereum-based coin that will serve as the native, learning token of the 99Bitcoins website and ecosystem.
Source: 99Bitcoins
As a website, 99Bitcoins has been providing learning resources to both beginners and advanced traders for more than a decade, making it one of the most trusted sources in the crypto market.
The company is now starting to launch its own token, for which it has just opened pre-sales.
Despite only opening this week, it has already raised $125,000, which is impressive for such a new token and sale.
It is clear that investors have gained confidence in the established name 99Bitcoins, and given that 99BTC will be of use within the latter's platform, it is likely to attract significant demand over its lifetime.
The supply will be 99 billion, 15% of which will go to pre-sales.
Source: 99Bitcoins
In the months following its launch, it will also bridge to the Bitcoin blockchain itself, meaning holders will be able to convert it to a BRC-20 version.
Combined with its strong reputation and brand, such features are likely to help the company succeed once it launches and lists.
Investors can participate in the sale on the 99Bitcoins website, where 1 99BTC costs $0.001.
Buy 99BTC today
Disclaimer: Crypto is a high risk asset class. This article is for informational purposes and does not constitute investment advice. You could lose all of your capital.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.