Bitcoin Price Prediction: BTC Soars or Stumbles? Analyzing a $5k Plunge or Surge

Updated: 07 September 2023

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Bitcoin price saw another dip yesterday, September 6, which saw the price decrease to $25.5k. Previously, the price was around $25.74k, trying to breach resistance at $25,750. However, the resistance rejected it as the day progressed, sending it to support at $25,500.

As soon as BTC sank that low, it immediately bounced back up as buyers rushed in to buy the dip, resulting in a massive spike that took it back to $25,900. But, at this point, opportunity seekers decided to start selling to make some profit, causing another correction.

Bitcoin then found support at $25.6k, from where it started seeing a much slower and healthier recovery, which took it back above $25.7k.

This is where the coin found itself in the early hours of September 7, fluctuating between $25.75k and $25.8k. Several hours later, however, the price saw another minor surge, which attempted to breach the resistance at $25.8k, although it did not succeed.

The resistance rejected the price, sending it back down to $25,737, where it sits at the time of writing. Overall, Bitcoin has been trading mostly sideways on September 7, which leads many experts to assume that another sharp move will be coming soon.

Some analysts have announced that it is time to buy before a new spike-up occurs.

Others believe the coin is forming a new head and shoulders pattern inside the descending parallel channel. With both bearish patterns, these analysts are pessimistic about the coin’s future performance.

Their predictions say that the price can only avoid another crash if Bitcoin invalidates both patterns and that they are unwilling to consider long positions before then.

Still, they noted that making small profits in the short term is still possible, so day traders and scalpers could find opportunities even now.

New report reveals 22 Bitcoin billionaires

It is no secret that many people made money by trading Bitcoin, and in many cases, the coin turned people into millionaires.

A recent Crypto Wealth Report revealed over 88,200 Bitcoin millionaires worldwide, but only an elite few managed to boost their wealth enough to become Bitcoin billionaires.

Only 22 people around the world get to claim that title as of September 2023, including Binance CEO Changbeng Zhao, Ripple Labs chair Chris Larsen, the CEO of Coinbase, Brian Armstrong, and Cameron and Tyler Winklevoss, the twins who founded Gemini, among others.

Overall, the list is quite exclusive; all names are massive personalities in the crypto industry. Apart from that, they are all successful businessmen who have spent years, if not decades, as entrepreneurs and traders.

Recent Grayscale court victory attracts whales back to Bitcoin

After Grayscale won its case against the US SEC, the company is waiting for the regulator to take another look at its Bitcoin ETF proposal. Furthermore, the company believes the chance of approving the proposal is higher than ever, as the SEC no longer has valid excuses for rejecting it.

The company’s triumph in court seemingly inspired new interest in the coin among crypto whales, including financial institutions. The number of addresses holding ten or more BTC reached an all-time high recently.

New data suggests that 157,460 addresses hold ten or more BTC—the new milestone managed to beat the previous ATH by only two addresses. Until now, the record was 157,458, as noted on September 20, 2019.

Bitcoin’s arrival on Binance Smart Chain Causes Rush to buy new Token

While Bitcoin itself may be risky for most people to buy right now, that is not the case for a new Bitcoin BSC (BTCBSC) token that emerged recently on the Binance Smart Chain. The token, built using the BSC’s BEP-20 model, simulates Bitcoin from 2011 when the coin’s price was only $1.

The new project’s presale is selling BTCBSC for $0.99, and in a single day, it already managed to raise $127,310. The presale will continue until its soft cap is reached, meaning until the project raises $3.96 million.

Anyone interested in buying the token can get it in exchange for BNB, ETH, or USDT. Once out, the token will use staking to release its remaining supply, similar to how BTC releases tokens through mining.

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