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bitcoin Price Dropped a Fraction of a Percent bitcoin/”>listed at $62,091 at 05:11 am EST on trading volume that fell 42% to $51 billion.
This comes as JPMorgan predicts that bitcoin price will undergo a correction to $42,000 after the halving event. While historically the post-bitcoin halving period has always seen a price rise, the investment bank sees a drop. is looming due to lower miner rewards, higher production costs, and therefore lower miner profits.
bitcoin price is bullish and aims to overcome the ascending triangle
bitcoin price has been on an upward trajectory this week, breaking out of a consolidation around $53,000. The $64,000 level has provided local resistance, a major barrier for the bulls to overcome.
bitcoin is still well above the 50- and 200-day SMA, giving bulls a positive outlook.
The Relative Strength Index (RSI) is also bullish and is trading at 56 as it heads north, showing increasing momentum towards intense buying pressure.
<img decoding="async" class="alignnone size-full wp-image-485208" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin MACD” width=”1266″ height=”258″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/1709407044_617_Bitcoin-Price-Prediction-JPMorgan-Says-BTC-Could-Fall-to-42000.png 1266w, https://insidebitcoins.com/wp-content/uploads/2024/03/Screenshot_21-1-300×61.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/Screenshot_21-1-1024×209.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/Screenshot_21-1-768×157.png 768w” data-lazy-sizes=”(max-width: 1266px) 100vw, 1266px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/03/1709407044_617_Bitcoin-Price-Prediction-JPMorgan-Says-BTC-Could-Fall-to-42000.png”/><img decoding="async" class="alignnone size-full wp-image-485208" src="https://technicalterrence.com/wp-content/uploads/2024/03/1709407044_617_Bitcoin-Price-Prediction-JPMorgan-Says-BTC-Could-Fall-to-42000.png" alt="bitcoin MACD” width=”1266″ height=”258″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/1709407044_617_Bitcoin-Price-Prediction-JPMorgan-Says-BTC-Could-Fall-to-42000.png 1266w, https://insidebitcoins.com/wp-content/uploads/2024/03/Screenshot_21-1-300×61.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/Screenshot_21-1-1024×209.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/Screenshot_21-1-768×157.png 768w” sizes=”(max-width: 1266px) 100vw, 1266px”/>
The Moving Average Convergence Divergence (MACD) shows that btc is currently poised to recover from the pullback, as the moving average line (blue) crosses slightly above the signal line (orange), a sign of a possible bullish crossover.
Furthermore, green bars are starting to form above the zero line, indicating the start of positive upward momentum. The 14 3 3 stochastic oscillator line (green) crosses above the trigger line (orange), confirming the bullish moving average crossover, a sign of an imminent uptrend.
bitcoin Price Prediction: Is $70,000 Possible?
bitcoin price is trading around its pivot point at $60,824. Analysis of the current btc 1-hour chart shows that the bulls are ready to use this level to push the price higher as they aim to break the upper boundary of the ascending triangle.
Furthermore, the 50-day SMA is trading above the 200-day SMA, forming a golden cross at $51,627. The bulls can use this to shoot the price higher, targeting $70,000, while surpassing the all-time high price (ATH) of $68,000.
However, if the bears take control of the price at this level, btc may fall to the $58,000 support level.
Meanwhile, as bitcoin bulls look for more buying opportunities, some see the Green bitcoin ($GBTC) ICO as a compelling, green alternative to btc.
Green bitcoin: a promising alternative to bitcoin
He Green bitcoin (GBTC) is a green version of bitcoin, using the Gamified Green Staking model as a way to reward investors. The project brings together the legacy of bitcoin with ecological features characteristic of the ethereum network.
The gamified betting model is making waves in the crypto space, with traction evident in the GBTC pre-sale, which has already amassed over $1.34 million, as it nears its goal of $1.47 million. Dollars.
Introducing Green bitcoin – a revolutionary prediction-to-earn token.
Join us on our gamified green betting platform, where your predictions can turn into profits!
Website: https://t.co/dG5cEeCtRs
Telegram: https://t.co/bWanoe0vHv pic.twitter.com/eXuGQBkxio—GreenBitcoin (@GreenBTCtoken) December 3, 2023
Through the ecological staking model, you can easily earn rewards when you predict the future price of bitcoin. To join the pre-sale, purchase $GBTC at a discounted price of $0.5362. However, that price will increase in less than four days, so act now to get the best deal.
Stake $GBTC, 239% Annual Rewards
Green bitcoin also has a staking option that generates passive income. Can stake your $GBTC tokens for an impressive 239% Annual Percentage Yield (APY). More than 2.4 million $GBTC tokens have already been staked.
Did you know you can win HUGE just by staking your green bitcoin?
If you haven't already, visit our website and check out the Staking feature. pic.twitter.com/6wiv99ER0O
—GreenBitcoin (@GreenBTCtoken) February 25, 2024
You can also earn money through the project. Prediction feature to win, where you only need to participate in daily btc price prediction challenges. Rewards are distributed every 10 minutes, with $GBTC acting as the reward token.
According to CryptoNews, a prominent YouTube channel, Green bitcoin has the potential to grow 10x upon launch.
To participate in the pre-sale, you can buy $GBTC from the official website of bitcoin Verde and exchange eth or USDT for $GBTC tokens. You can also buy directly with your bank card.
Related news
Green bitcoin: gamified green bet
- Contract audited by Coinsult
- Early Access Presale Live Now – greenbitcoin.xyz
- Predict to Win – Featured on Cointelegraph
- Staking Rewards and Token Bonuses
- $1+ Million Raised
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