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The Bitcoin price rose 3% in the last 24 hours and 9% in the past week to trade at $57,175 as of 00:23 a.m. EST on trading volume that dropped 17% to $39 billion.
This comes as prominent crypto analyst Peter Brandt expects the ongoing Bitcoin bull market to peak at $200,000, up from an earlier estimate of $120,000.
Bitcoin Update
With the thrust above the upper boundary of the 15-month channel, the target for the current bull market cycle scheduled to end in Aug/Sep 2025 is being raised from $120,000 to $200,000. $BTC
A close below last week's low will nullify this interpretation pic.twitter.com/19ZXpAQW0v— Peter Brandt (@PeterLBrandt) February 27, 2024
The ongoing bullish trend is expected to continue as the Bitcoin halving approaches. The halving event is seen as a factor that will drive inflows into the US-based spot BTC ETFs (exchange-traded funds). Therefore, the reduced total supply plus the inflows into the spot BTC ETFs could push the BTC price even higher.
Bitcoin Price Bullish, Riding The Rising Channel Pattern
The Bitcoin bulls have continued to show resilience, pushing the price over the upper boundary of the rising channel. This is evident as the battle between the bears and the bulls ended around October 2023, with the price rising gradually since then.
BTC is currently trading above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of a sustained bullish momentum. Additionally, the presence of a moving average cross at $28,201 affirms the bullish sentiments.
The Relative Strength Index (RSI) has sustained its movement above the 70-overbought region, currently at 81, which indicates intense buying pressure.
Moreover, the Moving Average Convergence Divergence (MACD) is bullish, as the moving average line (blue) crosses above the signal line (orange), representing a bullish crossover. A bullish crossover is used to encourage buyers to add to their positions.
The green bars on the histogram are also bullish, as they extend above the zero line, indicating a generally positive momentum. Additionally, the Average Directional Index (ADX), is trading north at 38, which shows that the current bullish trend is strong.
Bitcoin Price Prediction – Bulls Aim For $80,000
The long-term price analysis of BTC has a bullish bias, with the bulls breaching the upper boundary of the rising channel. The bulls are looking to capitalize on this, pushing the price past the $60,000 psychological threshold, as they target $80,000.
However, the RSI has already entered the overbought region, which is a sign of an incoming price correction. In this case, the bears may drive the price down, back to the support level at $50,000.
Meanwhile, as the Bitcoin price surges, investors are looking at Green Bitcoin as a compelling, and more sustainable, alternative. Analysts predict that GBTC will soar on launch as it is expected to coincide with the Bitcoin halving event.
Green Bitcoin Presale Is Heating Up – Best Green Crypto To Buy For 10X Returns
An upcoming trend in the crypto market, Gamified Green Staking, is the latest fascination for crypto enthusiasts. Green Bitcoin (GBTC) introduced this concept, with the buzz evident in its presale, which has already garnered over $1.1 million in early funding.
Introducing Green Bitcoin: A Revolutionary Predict-To-Earn Token.
Join us on our Gamified Green Staking Platform, where your predictions can turn into profits!
Website: https://t.co/dG5cEeCtRs
Telegram: https://t.co/bWanoe0vHv pic.twitter.com/eXuGQBkxio— GreenBitcoin (@GreenBTCtoken) December 3, 2023
The Green Bitcoin is an eco-friendly version of Bitcoin that uses a gamified-staking model to reward investors. It is built on the Ethereum blockchain, which means it follows a more sustainable proof-of-stake consensus mechanism, unlike Bitcoin’s energy-hungry proof-of-work.
One of the main features of Green Bitcoin is its gamified prediction platform, where users can earn rewards by predicting the future price of Bitcoin. To join, simply purchase $GBTC at the discounted price of $0.4982 before it increases in less than five days.
NEW STAGE IS LIVE!
Join the Green Revolution before it's too late! pic.twitter.com/tptpN72nNo
— GreenBitcoin (@GreenBTCtoken) February 23, 2024
Stake For 257% Annual Rewards, Predict-To-Earn Reward
Green Bitcoin also has a staking option, where you can stake your acquired $GBTC tokens to earn an impressive annual percentage yield (APY) of 257%. There are over 2.2 million $GBTC tokens that have already been staked.
Did you know you can earn HUGE, simply by staking your Green Bitcoin?
If you haven't yet, go to our website and check out the Staking feature! pic.twitter.com/6wiv99ER0O
— GreenBitcoin (@GreenBTCtoken) February 25, 2024
You can also earn through the project’s Predict-to-Earn feature, where you only need to participate in daily BTC price prediction challenges. Rewards are distributed every 10 minutes, with $GBTC acting as the stake and the reward token.
According to Crypto Boy, a crypto analyst and YouTuber, $GBTC has the potential to surge 10X on launch.
To participate in the presale, buy $GBTC from the official Green Bitcoin website, and exchange ETH or USDT for $GBTC tokens. You can also buy directly using your bank card.
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