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bitcoin price has soared 5% in the past week and 0.5% in 24 hours to trade at $66,536 at 02:30 am EST.
This comes as fund manager Fidelity says btc is “no longer cheap.” In revising its medium-term outlook from positive to neutral after the first quarter (Q1), the company cited several indicators that point to a build-up of selling pressure.
fidelity Signal report used the Hashrate Yardstick metric, which is similar to the price-earnings ratio of stocks, to assess the value of btc.
The company's research director, Chris Kuiper, explained the position in a twitter.com/chrisjkuiper/status/1782544982487822394″ target=”_blank” rel=”noopener”>mail in x on April 23.
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Where are we in the digital asset cycle?
Our latest Signals report was just released and we changed a couple of our outlooks for twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin.
Most notably, the medium-term outlook is now “Neutral” from “Positive” last quarter. Because?https://t.co/Dx042hZlzV
– Chris Kuiper, CFA (@ChrisJKuiper) twitter.com/ChrisJKuiper/status/1782544982487822394?ref_src=twsrc%5Etfw”>April 22, 2024
bitcoin Price No Longer Cheap, But Loyalty Remains Bullish on btc
Fidelity also said that long-term holders are increasing selling pressure and that 99% of bitcoin addresses are making profits.
Still, Fidelity remains bullish on the price of bitcoin and cited multiple price levels that continue to hold above a “golden cross” on the btc/USDT chart. This is because btc price consistently traded above the 50-day and 200-day moving averages during the first quarter.
On the other hand, and aware that the market tends not to wait that long, renowned cryptocurrency trader and analyst @rektcapital says that the bullish cycle could slow down if the price of bitcoin continues in its current consolidation between $60,000 and $70,000 after the drawdown. to the half.
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twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc
The more bitcoin consolidates between $60,000 and $70,000 after the Halving…
The more this cycle slows and resynchronizes with its historically recurring halving cycle with a bull market peak in mid-September/October 2025twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin twitter.com/hashtag/BitcoinHalving?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Halving pic.twitter.com/D9GxXvJ1TB
-Rekt Capital (@rektcapital) twitter.com/rektcapital/status/1782472858528039334?ref_src=twsrc%5Etfw”>April 22, 2024
This analysis comes after the btc halving on April 20, with bitcoin bulls still in celebration mode. Meanwhile, data shows that bitcoin transaction fees have been declining, falling from 128.45 to 24.99 between halving day and Tuesday, April 23. This represents a drop of 80.5% in just three days.
<img decoding="async" class="alignnone wp-image-510898 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="btc transaction fees” width=”861″ height=”441″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-Fidelity-Says-BTC-39No-Longer-Cheap39-as”https://technicalterrence.com/crypto/bitcoin/”>btc-transaction-fees.png 861w, https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-Fidelity-Says-BTC-39No-Longer-Cheap39-as”https://technicalterrence.com/crypto/bitcoin/”>btc-transaction-fees-300×154.png 300w, https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-Fidelity-Says-BTC-39No-Longer-Cheap39-as”https://technicalterrence.com/crypto/bitcoin/”>btc-transaction-fees-768×393.png 768w” data-lazy-sizes=”(max-width: 861px) 100vw, 861px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-Fidelity-Says-BTC-39No-Longer-Cheap39-as”https://technicalterrence.com/crypto/bitcoin/”>btc-transaction-fees.png”/>btc-transaction-fees.png” alt=”btc transaction fees” width=”861″ height=”441″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-Fidelity-Says-BTC-39No-Longer-Cheap39-as”https://technicalterrence.com/crypto/bitcoin/”>btc-transaction-fees.png 861w, https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-Fidelity-Says-BTC-39No-Longer-Cheap39-as”https://technicalterrence.com/crypto/bitcoin/”>btc-transaction-fees-300×154.png 300w, https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-Fidelity-Says-BTC-39No-Longer-Cheap39-as”https://technicalterrence.com/crypto/bitcoin/”>btc-transaction-fees-768×393.png 768w” sizes=”(max-width: 861px) 100vw, 861px”/>
btc transaction fees
bitcoin Price Outlook
bitcoin price is trading with a bullish bias, although it appears limited by an ascending trend line. The market appears poised for a correction, with multiple indications from technical indicators. To begin with, the moving average convergence divergence (MACD) is triggering a possible sell signal. This will be executed once the MACD crosses below the orange band of its signal line.
The Awesome Oscillator (AO) is also recording a steady streak of red bars on the histogram, showing that the bearish sentiment is growing. If the Relative Strength Index (RSI) produces a lower high, it would indicate a trend change. Traders should watch for this to start selling off btc as it would signal a bearish reversal.
However, if the RSI registers a higher high, it would lead to a continuation of the primary trend, which is bullish on the weekly period. A candle close above the ascending trend line could see bitcoin price reclaim the high of $73,777. In a very bullish case, the pioneer cryptocurrency could surpass this cycle and record a new high price above $74,000.
<img decoding="async" class="aligncenter wp-image-510899 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="btc price” width=”1273″ height=”540″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-Fidelity-Says-BTC-39No-Longer-Cheap39-as.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-23_09-19-01-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-23_09-19-01-1024×434.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-23_09-19-01-768×326.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-Fidelity-Says-BTC-39No-Longer-Cheap39-as.png”/><img decoding="async" class="aligncenter wp-image-510899 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-Fidelity-Says-BTC-39No-Longer-Cheap39-as.png" alt="btc price” width=”1273″ height=”540″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/04/Bitcoin-Price-Prediction-Fidelity-Says-BTC-39No-Longer-Cheap39-as.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-23_09-19-01-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-23_09-19-01-1024×434.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-23_09-19-01-768×326.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
x/N4ommmNM/” target=”_blank” rel=”noopener”>TradingView: btc/USDT 1-Day Chart
On the other hand, if bitcoin price falls into the hands of the bears, it could fall to $60,805 or worse, descend to collect the sell-side liquidity residing below, indicated by the intraday low of the March 5 trading session. around $59,005. .
Meanwhile, investors are flocking to 99BTC, the latest bitcoin derivative pre-sale that has already raised $708,000.
Promising alternative to bitcoin
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With the best educational resources and visual learning courses for crypto beginners, this project has earned a place among the most trusted names in crypto circles.
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2024 twitter.com/hashtag/Halving?src=hash&ref_src=twsrc%5Etfw”>#Reduce by half cut to twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc lock rewards by 50%, tightening supply and potentially driving demand.
What does this mean for twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin and $99BTC? More than you think!
Get more information at https://t.co/NXD7DAamqrtwitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto twitter.com/hashtag/Presale?src=hash&ref_src=twsrc%5Etfw”>#Presale pic.twitter.com/lGEtEuj2wc
— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1781608804095758541?ref_src=twsrc%5Etfw”>April 20, 2024
The project dates back to 2013. It started as BitcoinWithPayPal.com, what was once a simple domain has since transcended into a true Web2 craze. Transitioning to Web3 with its $99 btc token, 99Bitcoins promises an innovative earn-as-you-learn experience for website users.
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Powered by BRC-20, the $99 btc token improves our twitter.com/hashtag/LearnToEarn?src=hash&ref_src=twsrc%5Etfw”>#LearnToWin platform, rewarding users for every step in their crypto education journey.
Dive in, learn about twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#cryptoAnd earn rewards as you increase your knowledge!
Join now: https://t.co/NXD7DAamqrtwitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/Presale?src=hash&ref_src=twsrc%5Etfw”>#Presale twitter.com/hashtag/Airdrop?src=hash&ref_src=twsrc%5Etfw”>#Airdrop pic.twitter.com/TrpQxCFxPs
— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1782001371220226177?ref_src=twsrc%5Etfw”>April 21, 2024
99Bitcoins incentivizes learning through a unique combination of gamification and a ranking rewards system. This ensures that users feel that their learning is producing tangible benefits. Simply put, you earn cryptocurrency while you learn about cryptocurrency.
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Stage 2 of the $99BTC twitter.com/hashtag/Presale?src=hash&ref_src=twsrc%5Etfw”>#Presale Finish in just 1 day!
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https://t.co/9aJ5rE5LY3twitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/Airdrop?src=hash&ref_src=twsrc%5Etfw”>#Airdrop twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto twitter.com/hashtag/L2E?src=hash&ref_src=twsrc%5Etfw”>#L2E pic.twitter.com/Z9IlThocSx
— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1782348672509862075?ref_src=twsrc%5Etfw”>April 22, 2024
You can also stake your 99BTC holdings to earn rewards of up to 2,629% annually. So far, more than four million tokens have been staked.
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Little time? Simply stake your $99 btc tokens on our website and earn passive rewards effortlessly!
Join now! https://t.co/nA4Lw89WA0twitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto twitter.com/hashtag/Presale?src=hash&ref_src=twsrc%5Etfw”>#Presale twitter.com/hashtag/Alts?src=hash&ref_src=twsrc%5Etfw”>#alternatives pic.twitter.com/av0mkMvIbR
— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1781322130325430669?ref_src=twsrc%5Etfw”>April 19, 2024
So far, the project is in the second stage of its pre-sale, where each 99BTC token is sold for $0.00101. This price will change imminently, so buy it now if you're interested.
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Also read:
99Bitcoins (99BTC) – New token to learn how to earn
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