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bitcoin price rose 10% in the last week to trade at $72,327 at 02:20 EST.
However, over the past day, the price of bitcoin only rose a fraction as trading volume fell by 5%. The cooldown has given altcoins time to shine, with companies like Avalanche (AVAX) posting double-digit gains.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin It retested the 2021 cycle high yesterday and immediately recovered.
Consolidate yourself here for a while, let #altcoins run a little and then send it higher. pic.twitter.com/74IOBpbCns
– Jelle (@CryptoJelleNL) March 13, 2024
However, the price of bitcoin continues to remain above the $72,000 threshold as markets anticipate btc to halve in just over five weeks.
In 37 days, bitcoin becomes the hardest asset known to man, and its supply growth rate drops to half that of gold. This will be the largest and most important bitcoin Halving ever held. Are you ready? pic.twitter.com/a4mbOm1Wzp
—Charles Edwards (@caprioleio) March 13, 2024
According to recent research by blockchain data and intelligence platform, Glassnode, “(bitcoin) has reached its fourth cycle all-time high (ATH), surpassing $72K,” adding that the move had pushed sentiment up a step. closer to euphoria.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin has reached its all-time high for the fourth cycle, surpassing $72,000 and bringing sentiment one step closer to euphoria.
The classic transfer of wealth from the HODLer cohort to speculators is already underway, with significant increases in spot profit taking and demand for… pic.twitter.com/R11kE90W89
– glass node (@glassnode) March 12, 2024
bitcoin Price Forecast as btc Market Enters Euphoria
bitcoin price faces resistance due to the $73,000 threshold, with potential for further gains. This is seen with the rising Relative Strength Index (RSI), which points to rising momentum and is bolstered by increasing volumes of the Awesome Oscillator (AO), suggesting a strong presence of the bulls in the btc market.
The rising bars of the volume indicator, flashing green as the uptrend remains strong, also reinforce the bullish outlook. Further buying momentum among the bulls could see bitcoin price extend beyond the $73,000 lock to reach the psychological level of $80,000. Such a move would constitute an increase of around 8% above current levels.
<img decoding="async" class="aligncenter wp-image-488460 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin” width=”1273″ height=”542″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-As-BTC-Surpasses-72000-Experts-Say-This.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-13_09-16-56-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-13_09-16-56-1024×436.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-13_09-16-56-768×327.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-As-BTC-Surpasses-72000-Experts-Say-This.png”/><img decoding="async" class="aligncenter wp-image-488460 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-As-BTC-Surpasses-72000-Experts-Say-This.png" alt="bitcoin” width=”1273″ height=”542″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Price-Prediction-As-BTC-Surpasses-72000-Experts-Say-This.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-13_09-16-56-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-13_09-16-56-1024×436.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/03/BTCUSDT_2024-03-13_09-16-56-768×327.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
TradingView: btc/USDT 1-Week Chart
On the other hand, if traders begin to cash in on the gains made so far, the price of bitcoin could decline, first falling below the $69,000 threshold. Further seller momentum could see btc price venture into the supply zone between $62,278 and $65,618. However, to confirm the continuation of the downtrend, bitcoin price must break and close below the median threshold of $64,044.
On-Chain Metrics to Support Bullish bitcoin Price Outlook
Data according to IntoTheBlock's Global In/Out of The Money (GIOM) metric shows that there is no resistance for bitcoin price on its journey north. Instead, the pioneering cryptocurrency is enjoying strong downward support.
The zone between $48,659 and $69,339 is particularly interesting, with approximately 6.55 million addresses containing almost 2.86 million btc tokens purchased at an average price of $57,764. Any effort to lower the price would be offset by buying pressure from these addresses as they look to buy the dip.
btc/deep-dive?group=financials&chart=inAndOut” target=”_blank” rel=”noopener”>btc GIOM
Closer up, the In/Out of the Money Around Price (IOMAP) metric shows that the area between $67,800 and $71,519 provides strong support for bitcoin price. Any effort to push the price below this level would be countered by strong buying momentum from all addresses holding btc within that range.
btc/deep-dive?group=financials&chart=inAndOut” target=”_blank” rel=”noopener”>IOMAP btc
As the price of bitcoin attempts to regain its high, investors looking to diversify their profits can invest in GBTC. This comes as some experts say this eco-friendly alternative to btc is the best cryptocurrency to buy now with 10x growth potential at launch.
Promising alternative to bitcoin
GBTC is the token that powers the Green bitcoin ecosystem. This cryptocurrency project meets users where bitcoin's legacy and ethereum's environmental friendliness intersect. It uses a profit prediction mechanism where participants participate in daily and weekly btc price prediction challenges to earn attractive rewards.
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
The token stake, which offers an estimated annual return of 126%, is a big draw. 4.5 million tokens have already been staked with distribution rewards set at a rate of 1.6026 $GBTC tokens per ethereum (eth) block.
The rewards will be disbursed in five months, after which the so-called Gamified Green bitcoin Staking will be launched. Under the gamified betting mechanism, holders predict the price of bitcoin in daily contests and earn rewards when they are correct.
Nothing can stop the GREEN REVOLUTION!
Join the Green bitcoin Pre-Sale TODAY pic.twitter.com/YgwUk11Ay8
—GreenBitcoin (@GreenBTCtoken) March 11, 2024
The project is still in the pre-sale stage, with more than $3,831 million already in the market, out of a target goal of $4,171 million.
Green bitcoin GBTC tokens are selling for $0.8782 each, but act fast to buy them if you're interested because a price surge is coming in less than five days.
Visit Green bitcoin to buy GBTC here.
Also read:
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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