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The Bitcoin price plunged 2% in the last 24 hours to trade at $87,348 as of 3.50 a.m. EST on trading volume that dropped 19% to $117.82 billion.
The world’s oldest and largest cryptocurrency saw a very successful week of growth which allowed its price to hit a new all-time high of almost $90k. However, since then, the coin saw a correction as some traders inevitably decided to sell and take profit.
Still, Bitcoin is still lingering in the area thanks to multiple strong supports and the fact that the general sentiment is still overwhelmingly bullish. Donald Trump’s victory in last week’s US election has boosted optimism over a new bull run and possible altcoin season, sending cryptos on massive gains over the past week.
BTC’s market cap has even overtaken that of silver, allowing it to become the 8th-largest asset in the world.
Bitcoin Price Prediction
As mentioned, the Bitcoin price corrected after nearly hitting $90k per coin. However, there is also a solid chance for BTC to make another attempt to reach this level, and potentially go higher.
While at this point many might argue that the election hype is passing, BTC is seeing some positive signals coming from its technical indicators. For example, in the last 24 hours, the world’s largest cryptocurrency saw its Bollinger bands narrow considerably, while the price dropped to the lower band.
It continued to fluctuate between the lower band and the middle point between the two bands, but it never ventured beyond the middle line until now. At the time of writing, the price has finally recovered enough to hit the upper band, suggesting that the buyers are returning and that the price is likely to start another surge.
Then, there is Bitcoin’s Relative Strength Index (RSI), which saw a decline from the overbought zone nearly to the oversold one. However, it stopped at the value of 37, rather than sinking all the way to 30, or further down.
This suggests that the sentiment is still bullish, and many were waiting to see what will happen. Some have even moved to buy BTC early, expecting another price explosion, and in doing so, disrupted the price drop.
Since then, the buying pressure started increasing again, allowing the RSI to climb back above the neutral value of 50, and while it is only at 53.67 at the time of writing, this still suggests that the buying pressure is growing and that the price is likely to go up in the hours to come.
Promising Alternative To Bitcoin
There are many other options to consider that are far more affordable than BTC, and one that’s getting favorable reviews from analysts amid speculation of a new altcoin season is the meme coin Flockerz (FLOCK).
Flockerz is a meme coin that introduced a new model called Vote-To-Earn (V2E) that’s designed to reward its community members when they participate in the project’s governance process. In other words, whenever there is a vote on some decision, those who join the vote and help the project decide will be rewarded with FLOCK tokens.
This is meant to provide an incentive to token holders to keep coming back to the project and stay active when it comes to decision-making, which also means that the project will keep high levels of decentralization.
Even better, those who stake their FLOCK tokens get an annual return at a stratospheric 1,116%. The sooner you stake and the more you stake, the more you stand to earn in return. Meanwhile, voting on FLOCK proposals grants you more tokens for staking, and the process repeats itself.
This is what attracted many to the FLOCK ICO, including a popular crypto YouTuber, ClayBro, who has over 131k subscribers. The influencer noticed that FLOCK has massive potential and says it could be the next 20x crypto.
FLOCK tokens are selling now for only $0.0060049 apiece. If you are eager to join investors who have pumped more than $1.66 million into the project, buy before a price hike in less than 2 days.
Visit the FLOCK official website here.
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