Bitcoin Price Analysis as ADA Founder Says BTC Could Hit $500,000

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The price of bitcoin rose a fraction of a percent over the past 24 hours to trade at $99.215 at 02:36 am EST, with trading volume falling 18% to $55.4 billion.

This comes as ethereum co-founder Charles Hoskinson says bitcoin could soar to between $250,000 and $500,000 in the next 12 to 24 months, citing strong investment inflows and growing interest in the cryptocurrency market.

“This will result in an ecosystem whose value is starting to approach that of gold, an asset that humans have used as a store of value for more than 5,000 years,” Hoskinson said.

bitcoin price aims to maintain its upward trend

bitcoin price has been on a sustained bullish rally, after the asset capitalized at the $69,000 level in early November. According to data from <a target="_blank" href="https://www.geckoterminal.com/eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>Terminal Geckobtc is now recording higher highs and higher lows, trading within the ascending channel pattern.

<a target="_blank" href="https://www.coingecko.com/en/coins/bitcoin“>btc price has maintained its position above the 50-day and 200-day simple moving averages (SMA), supporting the continued uptrend.

The Relative Strength Index (RSI) is currently at 54, showing a neutral to bullish reading, indicating that the asset is neither overbought nor oversold.

Meanwhile, the Moving Average Convergence Divergence (MACD) supports the current uptrend as bitcoin price is recovering from the lower channel of the ascending channel pattern. The blue MACD line also crosses above the orange signal line, forming a bullish crossover.

If the current bullish outlook continues, bitcoin price could rise further as bulls aim to break through the next resistance at $100,000, targeting $110,000 in the long term.

BTCUSD Chart Analysis Source: GeckoTerminal

However, if the bears gain some control at the current level, btc could fall to the 200-day SMA at $83,230, acting as a cushion against downward pressure.

As bitcoin price points to a bullish rally, investors are taking advantage of the crypto All-Stars pre-sale, which closes with $7 million in funds raised.

ClayBro, a prominent crypto analyst on YouTube with over 130,000 subscribers, says $STARS has the potential to grow 10x after its launch.

crypto All-Stars Raises Over $6.9 Million – Pre-Sale Ends Soon

crypto All-Stars has raised over $6.9 million as investors flock to the innovative project before its pre-sale closes in less than 21 days.

C͏rypto All-S͏t͏a͏r͏s brings the M͏emeVault ecosystem to the world of cryptocurrencies, allowing users to stake popular meme coins like DOGE, SHIB, and PEPE in one place for the first time, while earning STARS tokens as a reward.

What is crypto All-Stars?

crypto All-Stars is set to revolutionize the meme coin sector with its innovative 'Meme Vault' platform.

This is more than just another meme coin – it's a whole new way to interact with the meme coin ecosystem!

— web3telepath (@web3telepath) <a target="_blank" href="https://twitter.com/web3telepath/status/1824051735708447035?ref_src=twsrc%5Etfw”>August 15, 2024

Eight other meme coins can be staked on the platform from the start: Floki Inu, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu and Bonk. And there are plans for more to be added.

You can also earn passively through the project's native staking mechanism, which offers an astonishing 302% Annual Percentage Yield (APY).

You can buy STARS tokens now for $0.0016384.

Buy $STARS from their official website here using BNB, USDT or a bank card.