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bitcoin price rose 2% in the last 24 hours bitcoin/”>listed at $59,165 at 02:55 am EST on trading volume that fell 29% to $29.6 billion.
This comes as former BitMEX CEO Arthur Hayes believes that bitcoin has bottomed out and will rise steadily over the coming months.
“The slow addition of billions of dollars of liquidity each month will cushion negative price movement going forward,” he said. “While I don't expect cryptocurrencies to immediately realize the inflationary nature of the recent US monetary announcements, I do expect prices to bottom out, decline, and begin to slowly rise.”
btc hit a low of around $56,800 this week, but Hayes says it will rebound above $60,000 and then remain range-bound between $60,000 and $70,000 until August.
The recent drop led the btc whale entity nicknamed “Mr.100” to buy bitcoin for the first time since the bitcoin halving event. The Mr.100 whale wallet bought over 4,100 btc worth over $242 million at around the $58,000 mark.
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JUST IN: 'Mr. 100' buys bitcoin dip for the first time since the halving. Is btc bottoming?
Mr. 100, previously identified as Upbit, bought over $147 million worth of bitcoin for the first time since the halving, suggesting an end to the current pullback. pic.twitter.com/KjjtLoD5Ut
— VIC TRADER (@vicsocialtrader) twitter.com/vicsocialtrader/status/1786242394201161856?ref_src=twsrc%5Etfw”>May 3, 2024
bitcoin Price to Rise Due to Bullish Pennant Pattern
bitcoin price has risen steadily since October last year reaching new yearly highs, which saw it surpass the previous all-time high (ATH) of $69,000 to a new ATH of $73,737. However, this level remains a challenge for the bulls. The price has been fluctuating within this range, forming a bullish pennant.
With the recent drop, btc broke through the lower limit of the pennant, breaking the critical support of $60,000 to as low as $56,800. This level has acted as local support, intended to encourage bulls to push the price higher.
btc is trading above the 200-day SMA, a confirmation of the upside potential. A sustained bullish stance could allow btc to overcome the 50-day SMA hurdle at $66,096.
Additionally, the Relative Strength Index (RSI) is recovering from the oversold level of 30, currently at 36. A sign that buyers are now buying. If the buying action continues, the RSI could rise to the mid-50 level while heading towards the overbought region of 70, an indication of intense buying pressure.
bitcoin price prediction
bitcoin price analysis indicates that btc is primed for a bullish price move above the bullish pennant as bulls target a new ATH at $85,000.
With the RSI already crossing to the oversold region of 30, btc bulls could trigger a repurchase campaign, which could deliberately push the price above the $73,000 resistance.
On the contrary, in the event that the bears take control of the price at this level, bitcoin could retreat to the support zone at $49,636, which coincides with the 200-day SMA.
Meanwhile, with the price of btc seemingly heading north, investors are also diversifying their portfolios through the pre-sale of $99BTC, which has approached $1 million raised.
99Bitcoins Raises Over $990,000: Best Cryptocurrency to Buy Now?
Educational platform 99Bitcoins (99BTC) has more than 700,000 subscribers on its YouTube channel and more than two million people registered for the website's courses. It uses a simplified approach with interactive videos to make learning about the blockchain space easier and more fun.
99Bitcoins now aims to create a decentralized platform where people can easily learn about cryptocurrencies and leverage their education to earn tokens.
Their Learn-to-Earn model uses a combination of gamification and a leaderboard rewards system which means you earn cryptocurrency by learning about cryptocurrency.
99Bitcoins also integrates with BRC-20, paving the way for the creation of dApps on the bitcoin network.
Users also have the opportunity to earn passively through the platform's staking mechanism, which offers an annual percentage yield (APY) of a whopping 1,833%.
According to Jacob Bury, a popular cryptocurrency analyst on YouTube, 99BTC has the potential to turn $1,000 into $10,000.
You can buy 99BTC now for $0.00103, and the price will increase in less than six days. If you are interested, buy soon at the best price.
To join the pre-sale, you can purchase $99BTC from the official website here. You have the option to purchase the tokens using eth, USDT or a bank card.
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99Bitcoins (99BTC) – New token to learn how to earn
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