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bitcoin price rose 3% in the last 24 hours to trade at $103,676 as of 11:19 pm EST, with trading volume soaring 56% to $85.8 billion.
btc's price surge took the cryptocurrency king to a new all-time high (ATH) of $106,352 before paring gains.
According to PlanB, the creator of the stock-to-flow model, <a target="_blank" href="https://www.coingecko.com/en/coins/bitcoin“>the btc price It could average a valuation of around $500,000 through 2025, perhaps even reaching as high as $1 million.
Their model depends on the assumption that the demand for btc will continue to grow.
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My forward guidance for 2024 is unchanged from October 6, 2022, when bitcoin was 20k (see below):
increase until halving in April 2024
halve around 55k
pump after halving
reaches 100,000 in 2024
– reach S2F target ~500k average (range 250k-1m) in 2025 https://t.co/BlUlk1XuLj
— PlanB (@100 billion dollars) <a target="_blank" href="https://twitter.com/100trillionUSD/status/1865132344065114177?ref_src=twsrc%5Etfw”>December 6, 2024
bitcoin Price Indicators Show Continued Uptrend
The btc/USD chart on the 1-day period reflects a strong uptrend that started after the consolidation phase in the purple box (October-November 2024). This area represents a prolonged accumulation zone, which eventually led to a parabolic breakout from the $60,500 support, according to data from <a target="_blank" href="https://www.geckoterminal.com/eth/pools/0x9db9e0e53058c89e5b94e29621a205198648425b”>Terminal Gecko.
Currently, bitcoin price is trading within an ascending channel pattern (highlighted in yellow), suggesting a steady upward trajectory. Both the support and resistance lines of this channel are rising, showing steady demand at higher price levels.
Meanwhile, bitcoin price is still trading above the 50-day and 200-day SMA, which is a confirmation of the bullish trend.
The Relative Strength Index (RSI) currently stands at 65.16, reflecting bullish momentum but not yet overbought (70+). This suggests that there is still room for price appreciation without a major correction.
btc price prediction
The current btc/USD structure shows strong bullish momentum within the ascending channel and technical indicators support this outlook. If the price breaks the $105,000 to $106,000 resistance zone, we could see a rally towards $110,000 and higher. This scenario would require strong volume and sustained buying pressure.
On the contrary, if the price falls below the channel support ($98,000) and the 50-day SMA ($89,297), it could trigger a deeper correction towards the $85,000 to $89,000 range.
As the price of bitcoin rises, investors are also buying a new alternative to Pepe called Wall Street Invitation (WEPE)that Cryptonews, a popular crypto channel with over 13,000 subscribers, according to Cryptonews, could be the next massive degenerative game.
Wall Street Pepe raises more than $24.8 million in less than 12 days
Wall Street Pepe is adding an average of over $2 million each day as his pre-sale closes with $25 million in funds raised.
WEPE aims to level the investment playing field for small investors because it has always hated the whales that dominate the market in their small, secret and privileged groups.
The solution? WEPE created its own WEPE Token Army to make small investors stronger together. The project will offer small traders trading strategies and expert advice to purchase the best cryptocurrencies available.
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Flying 1st class on the WEPE express. Only up. pic.twitter.com/4rJ9k8mvyN
—Wall Street Pepe (@WEPEToken) <a target="_blank" href="https://twitter.com/WEPEToken/status/1865428098960826695?ref_src=twsrc%5Etfw”>December 7, 2024
Every $WEPE holder becomes part of this growing army, gaining exclusive access to a private pool of insiders where they can leverage trading insights and alpha calls to stay ahead.
The $WEPE token also offers a passive income opportunity through its staking feature, which offers a whopping 49% Annual Percentage Yield (APY).
Can buy $WEPE token from the official website here for $0.0003644 using eth, USDT or a bank card.
Buy before the price goes up in about 18 hours to secure the best deal.
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