Bitcoin Price Prediction: JPMorgan Predicts Crypto Market Rally in August as Investors Flock to This Cryptocurrency to Learn How to Make Money with 703% APY

bitcoin price fell nearly 2% over the past 24 hours to trade at $56,661 at 00:15 am EST on trading volume that increased 12% amid continued profit-taking.

btc's drop comes despite investment bank JPMorgan saying bitcoin and the broader cryptocurrency markets will recover next month.

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BREAKING NEWS: JP Morgan says twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin and cryptocurrency markets will recover in August. image.twitter.com/HwnWoY0G8i

— Radar (@RadarHits) twitter.com/RadarHits/status/1811466169150214420?ref_src=twsrc%5Etfw”>July 11, 2024

However, bearish sentiment continues to prevail in the btc market amid heightened fear levels. According to the Fear and Greed Index, the market is exhibiting extreme levels of fear.

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bitcoin Fear and Greed Index is 25 — Fear
Current Price: $57,345 photo.twitter.com/efreWqUJz4

— bitcoin Fear and Greed Index (@BitcoinFear) twitter.com/BitcoinFear/status/1811551073850601919?ref_src=twsrc%5Etfw”>July 12, 2024

Meanwhile, Rekt Capital, a popular analyst account on x, notes that bitcoin price only needs to move an additional 3.5% north to position itself for a weekly candle close above $60,600 to reclaim the range low.

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twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc

bitcoin only needs to rise another 3.5% to position itself for a weekly candle close above $60,600 to reclaim the range low.

bitcoin needs to regain this reaccumulation rangetwitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrencies twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin image.twitter.com/B8gwvCAyfd

-Rekt Capital (@rektcapital) twitter.com/rektcapital/status/1811360251985228022?ref_src=twsrc%5Etfw”>July 11, 2024

Another analyst, Arsen, says that bitcoin price could rebound to $330,000 in the current bull cycle. He attributes this forecast to smart money, which is comprised of institutional investors, market experts, and other financial professionals who have accumulated btc during the recent dip.

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While you are scared, the smart money is doubling down on its bets.

This is because this decline is nothing new.

As you can see, bitcoin reaches a new all-time high every 4 years:

2012: bitcoin goes from $12 to $1000 = ~9000% increase
2016: bitcoin goes from $650 to $19K = ~3,000% increase… image.twitter.com/gxHsEwzLBs

— Arsen | bitcoin Therapy (@satoshibaggins) twitter.com/satoshibaggins/status/1810986413435097412?ref_src=twsrc%5Etfw”>July 10, 2024

bitcoin Price Prediction

bitcoin price is trading with a bearish bias and is making lower highs as it remains confined within a descending parallel channel. Chances of further decline are high as the Relative Strength Index (RSI) continues to fall with increasing lows.

Similarly, the Moving Average Convergence Divergence (MACD) is in negative territory and has crossed below the signal line (orange band), suggesting a prevailing bearish sentiment.

With this outlook, bitcoin price could fall, slipping below the channel's central line. In an extreme case, the pioneer cryptocurrency could extend the decline to the confluence of support between the bottom of the market range and the lower boundary of the channel at $53,108.

The volume profile spikes accentuate the bearish thesis, pointing to a growing selling appetite in the btc market.

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eth/pools/0x9db9e0e53058c89e5b94e29621a205198648425b” target=”_blank” rel=”noopener”>GeckoTerminal: btc/USD 4-hour chart

On the other hand, if the bulls seize the opportunity to reclaim the market, bitcoin price could recover. However, only a candle close above the 50% Fibonacci placeholder of $62,479 would make btc attractive to buy.

More importantly, the bearish thesis will only be invalidated after bitcoin price breaks and closes above the $71,850 level. This threshold was last tested on June 7.

Meanwhile, investors are flocking to 99Bitcoins (99BTC), the latest bitcoin-derived token that crypto YouTuber Today Trader says has “massive potential.”

Promising alternative to bitcoin

99Bitcoins is a project designed to reward people for learning about cryptocurrencies. To this end, this long-standing educational platform has pioneered a new learn-to-earn (L2E) rewards model, integrating with BRC-20 to pioneer the L2E model on the bitcoin blockchain.

The project features the best educational resources and visual learning courses for beginners in the world of cryptocurrencies. In addition, it incentivizes learning through a unique combination of gamification and a reward system in the form of a leaderboard. With this, users feel that their learning is yielding tangible benefits.

$99BTC also allows token holders to earn passive income through a 703% annual staking yield. So far, over 1.549 billion 99BTC tokens have been staked.

Pre-sale sales have surpassed the $2.393 billion mark.

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Milestone Alert!

We've already raised over $2.3 MILLION in our $99 btc presale!

Don't miss the chance to get in early.

Enjoy the twitter.com/hashtag/Presale?src=hash&ref_src=twsrc%5Etfw”>#Presale now!
https://t.co/NXD7DAaUfZtwitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrencies twitter.com/hashtag/L2E?src=hash&ref_src=twsrc%5Etfw”>#L2E photo.twitter.com/mA1rKiGuE8

— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1809199927618421082?ref_src=twsrc%5Etfw”>July 5, 2024

Investors can purchase the 99BTC token for $0.00113. Since the price will rise in about four days, interested investors should buy early to secure the best deal.

Visit and buy 99Bitcoins here.

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