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bitcoin price rose a fraction of a percent in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $63,448 at 3:20 a.m. EST with trading volume soaring 94% to $29.75 billion.
This comes as macro economist Raoul Pal says bitcoin is gearing up for a price explosion. In a video posted on Real Vision’s YouTube channel, the former Goldman Sachs executive says btc tends to move in sync with global liquidity cycles.
Pal shared a chart suggesting that global liquidity will increase in the next three months and btc could surpass $200k.
“This is definitely a beautiful chart,” he said. “It contains the public and private sector liquidity of the major world economies in the weekly global GMI (Global Macro Investor) Liquidity Index. I think it’s perfect. bitcoin has been tracking this ten weeks in advance.”
bitcoin price could continue to rise
bitcoin price has been in a sustained bullish stance since Sept. 6, trading within the ascending channel pattern, from the $53,200 support zone, according to data from eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>GeckoTerminal.
The recent continued bullish trend has pushed bitcoin price to trade above the 50-day and 200-day simple moving averages (SMA), a confirmation of the bullish rally.
If the bulls maintain the current trend, the price of bitcoin could skyrocket further as it is currently targeting $72,000.
<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/09/1727133644_606_Bitcoin-Price-Prediction-As-Former-Goldman-Sachs-Executive-Predicts-Massive.png" alt="Graphical analysis of the price of bitcoin Source: GeckoTerminal.com” width=”1243″ height=”501″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/09/1727133644_606_Bitcoin-Price-Prediction-As-Former-Goldman-Sachs-Executive-Predicts-Massive.png 1243w, https://insidebitcoins.com/wp-content/uploads/2024/09/Uniswap-V3-Arbitrum_GeckoTerminal.com_WBTC_2024-09-23_10-20-20-300×121.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/09/Uniswap-V3-Arbitrum_GeckoTerminal.com_WBTC_2024-09-23_10-20-20-1024×413.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/09/Uniswap-V3-Arbitrum_GeckoTerminal.com_WBTC_2024-09-23_10-20-20-768×310.png 768w” sizes=”(max-width: 1243px) 100vw, 1243px”/>
However, the Relative Strength Index (RSI) appears to be falling from the overbought region of 70, currently at 59, an indication that btc is currently on the verge of experiencing some bearish sentiments.
If the bears take control of the price, the pressure can push bitcoin price below the lower boundary of the ascending channel, with $61,294 and $59,440 (50-day and 200-day SMA) acting as immediate support levels.
Meanwhile, investors are rushing to buy a new alternative to Pepe called Pepe Unchained (PEPU)which is approaching $15 million in funds raised, making it one of the most successful pre-sales of the year.
According to 99Bitcoins, a prominent cryptocurrency analyst on YouTube with over 706,000 subscribers, $PEPU has the potential to skyrocket 100x after launch.
Pepe Unchained pre-sales exceed $14.7 million
The latest and most rugged version of Pepe, complete with its own layer-2 chain on ethereum, has already racked up over $14.7 million in pre-sales.
Much of the recent influx of capital came after Pepe Unchained announced grants for developers looking to expand their L2 ecosystem.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”7.7127659574468″>
Pepe Unchained: Innovative Layer 2 Blockchain technology.
Welcome to the future of meme coins. image.twitter.com/iC9b6YSynT
— Pepe Unchained (@pepe_unchained) twitter.com/pepe_unchained/status/1832055677566562727?ref_src=twsrc%5Etfw”>September 6, 2024
The OG Pepe token was built on the ethereum blockchain and has long been limited by its Layer-1 technology, which is characterized by network delays and increasing gas fees.
Pepe Unchained is a token that is based on PEPE designing a plan to break free from its chains and embrace the future with Pepe Unchained. With the new ICO, Pepe Unchained leverages layer 2 blockchain technology to take the project into the “chainless” future.
In this way, the project aims to address the scalability, speed and efficiency issues that often plague meme coins built on layer-1 blockchains like ethereum.
Token holders can earn passively through The platform's staking systemoffering 142% in annual rewards.
Currently, you can buy $PEPU tokens for $0.00983 each. There will be a price increase in less than 11 hours, so buy soon to get the best deal.
To join the pre-sale, Buy $PEPU from the official website here using eth, USDT or a bank card.
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- Rewards for participation – pepeunchained.com
- Over $10 million raised in ICO: ending soon
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