Bitcoin Price Prediction as BTC Jumps Above $70,000 Resistance – Time to Buy?
BTC has bounced by 2.5% in the past 24 hours, with the Bitcoin price reaching $70,561 on a day when the crypto market has gained by 1.5%.
Bitcoin is now up by 6.5% in a week but down by 2% in a month, with the biggest cryptocurrency also sitting on a 134% increase in a year.
Yet the next 12 months could be even better for Bitcoin than the previous, with today’s increase following from the expectation that rising inflation may force the Fed to bring rate cuts.
And with BTC also awaiting the next halving in just over a week, we could see further increases very soon.
Bitcoin Price Prediction as BTC Jumps Above $70,000 Resistance – Time to Buy?
BTC’s chart continues to look encouraging, leaving it open for further rallies to come in the near term.
Its 30-day average (orange) began rising again yesterday and still has plenty of space to rise further before BTC enters overbought territory.
It’s much the same for BTC’s relative strength index (purple), which has risen from nearly 20 a couple of days ago to around 60 today.
This indicates that momentum has increased for Bitcoin, yet because the RSI hasn’t climbed over 70, we may see another wave of buyers very soon.
One other interesting detail of the above chart is that the coin’s resistance (red) and support (green) levels appear to be converging, a process that tends to suggest that a big move may be on the way.
Given that the halving is fast approaching, such a move does seem likely, and with BTC’s volume remaining high at $38 billion, it’s tempting to say that this move will be a positive one.
Indeed, yesterday saw Grayscale CEO Michael Sonnenshein declare that outflows from the firm’s Grayscale Bitcoin Trust may have reached equilibrium, implying that recent selling pressure is about to end.
#Bitcoin has a history of choppy price action during ATH breaks.
It has a history of choppy price action around the halving event.
All of these cases have one common denominator: price rallied hard after.
Be patient. The best is yet to come.
— Jelle (@CryptoJelleNL) April 11, 2024
One thing that investors need to be wary of, however, is that the halving could result in selling in the near term, as traders ‘sell the news.’
Hoewever, most analysts expect the squeezing of BTC’s supply to push up its price in the longer term.
The coin is only 4% off its all-time high (of $73,737), and with funds continuing to buy into BTC in a big way, it’s surely only a matter of time before it sets a new record.
It could hit $75,000 by May, before reaching $80,000 or even $90,000 by the close of Q3 2024.
Small-Cap Alternatives for Big Gains
As strong as Bitcoin remains, savvy traders should probably consider diversifying their portfolios in preparation for the next major bull market.
If selected wisely, such a portfolio can maximize a trader’s potential exposure to the upside, especially if they’re lucky enough to pick the next big winners.
And one way to identify new coins for this kind of portfolio is to look for presale coins that have managed to have successful raises and that also have solid fundamentals.
One of the best examples of this right comes from 99Bitcoins (99BTC), a new Ethereum-based coin that will serve as the native, learn-to-earn token of the 99Bitcoins website and ecosystem.
As a website, 99Bitcoins has been providing beginner and intermediate traders alike with learning resources for more than a decade now, making it one of the more trusted sources in the crypto market.
It’s now branching out into launching its own token, for which it has just opened its presale.
Despite opening only this week, it has already raised $125,000, which is impressive for such a new token and sale.
It’s clear that investors have taken confidence from the well-established 99Bitcoins name, and given that 99BTC will have utility within the latter’s platform, it should attract considerable demand over the course of its life.
It will have a supply of 99 billion, with 15% of this going to its presale.
The months following its launch will also see it bridge to the Bitcoin blockchain itself, meaning that holders can convert it to a BRC-20 version.
Combined with its strong reputation and brand, such features should help make it successful once it launches and lists.
Investors can join the sale at the 99Bitcoins website, where 1 99BTC costs $0.001.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
