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The price of bitcoin has plummeted 1% in the last 24 hours to trade at bitcoin/”>$41.4K starting at 1:30 am EST.
According to analyst Willy Woo, the price of bitcoin (btc) is likely to fall to around $39,000 before resuming its upward trajectory.
This is because the Chicago Mercantile Exchange (CME) futures market shows a gap of $39,700 for bitcoin.
Trading gaps often manifest in traditional financial markets during weekends and arise when the opening price of an asset significantly exceeds its previous closing price.
These holes are typically filled due to limited money flow within a specific price range, although exceptions exist.
The BULL case for bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin
– Rates go down
– Return of global liquidity
– DXY peaks
– Spot ETF imminent
– Impressive demand for btc from public company treasury indicated by $MSTR purchasing appetite
– btc paper in decline
– @PeterSchiff highlighting gold in ATH but not in btc
-…— Willy Woo (@woonomic) December 8, 2023
Woo also outlines a bullish case for bitcoin that includes a resurgence in global liquidity, an elevated dollar index, and the possibility of declining interest rates.
bitcoin Price Prediction: What Do the Charts Say?
Based on 1-hour btc/USD graphics, the 200-period moving average has broken above the 50-period moving average to form a death cross. This shows the selling pressure before the bitcoin price drop.
However, the Relative Strength Index indicator is moving north, showing prospects for a possible bull run in the near term. The MACD is also in the green zone, showing optimism about bitcoin.
bitcoin price is range-bound, showing the possibility of a breakout on both sides. The Bollinger Bands are also moving away, showing high volatility in the price of bitcoin as trading activities increased, leading to a 26% increase in trading volume in the last 24 hours.
On the other hand, capital inflows suggest that the short-term trajectory could be bullish, with CoinShares Statistics which shows that bitcoin has had dominant inflows over the past week.
Meanwhile, as bitcoin price falters, new BTCETF token presale has exceeded $3.6 million in funding.
bitcoin Price Prediction: Should You Add BTCETF to Your Portfolio?
As cryptocurrency enthusiasts anxiously await the Securities and Exchange Commission's decisions on roughly a dozen bitcoin ETF applications likely to be decided in January, BTCETF is strategically positioned to capitalize on potential positive outcomes.
Perspectives of @Fidelity Jurrien Timmer shed light on a potential #BitcoinETF approval.
Will it provoke a “sell the news” reaction or attract a new wave of interest?
What impact do you think #SECONDthe decision of a bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin #ETF Will it have on market sentiment?
TO… pic.twitter.com/ZrUzEwYW2J
– BTCETF_Token (@BTCETF_Token) December 8, 2023
The current price of a BTCETF token It stands at $0.0066, with a price increase expected in less than two days.
BTCETF announces plans to burn 25% of its token supply in accordance with its five-stage deflationary strategy.
Transaction fees and synchronized burns
To reinforce deflationary burns, BTCETF introduces a 5% fee on all buying and selling transactions. In particular, the burning of 5% of BTCETF tokens when btc reaches $100,000 aligns perfectly with a 1% reduction in transaction tax, creating a synchronized impact on tokenomics.
The one percent transaction tax will be removed upon reaching the specified milestone. This strategic move aims to enhance the appeal of the BTCETF token and aligns with the projected capital influx into the recently approved bitcoin Spot ETFs.
As the cryptocurrency market anticipates significant capital inflows into approved spot bitcoin ETFs, industry experts predict a rise in the price of bitcoin.
Consequently, the BTCETF token is poised for a meteoric rise, with its deflationary measures and milestone-driven strategies positioning it favorably in the evolving landscape.
As bitcoin price faces uncertainty, the bitcoin ETF token could be your alternative.
Get your bitcoin ETF token here.
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