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The Bitcoin price climbed 3% in the last 24 hours to trade at $89,406 as of 02:28 a.m. EST even as trading volume fell 1% to $116.8 billion.
This comes as Bitwise CIO Matt Hougan predicts Bitcoin could reach $100,000 soon. He also projects the Bitcoin price heading for a $500,000 valuation, aligning its status with gold in terms of market acceptance and stability.
Bitcoin has been making massive moves in the last few days, with BTC hitting a new all-time high (ATH) of $93,477 yesterday.
Bitcoin Price Could Continue Soaring
The Bitcoin price trend has turned significantly bullish, as indicated by the strong recent price breakout above key resistance levels and moving averages, as well as the parabolic move in the latter part of the chart.
This rally suggests strong momentum in favor of buyers, possibly pointing to further upside, though such moves can often lead to overextended conditions.
The BTC/USD chart displays a clear inverse head and shoulders pattern, with the left shoulder, head, and right shoulder marked. This pattern is traditionally a bullish reversal signal, implying that a downtrend has likely reversed into an uptrend.
After the right shoulder formed, the price broke above the neckline, confirming the pattern and triggering a strong upward movement.
Data from GeckoTerminal now indicates that the Bitcoin price may still soar after a recent parabolic rise, supported by the $65,000 level.
The price of Bitcoin now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which confirms the ongoing rally.
The Relative Strength Index (RSI) is currently around 81, which is in overbought territory (typically above 70). An overbought RSI does not necessarily mean an immediate reversal, but it indicates that the price of Bitcoin may be overextended in the short term and could face a consolidation or minor pullback.
The Moving Average Convergence Divergence (MACD) line (blue) is well above the signal line (orange), indicating bullish momentum. The gap between the MACD and signal line has increased, which suggests strong upward momentum. Additionally, the MACD histogram shows large positive bars, reinforcing the strength of the bullish move.
Bitcoin Price Prediction
According to the BTC/USD chart analysis, the Bitcoin price is on a rally, which the bulls may aim to sustain to propel it towards the $100,000 mark.
However, with the RSI now soaring past the 70-overbought region, currently at 81, an indication that the asset is highly overvalued. In such a scenario, the bears may take charge of the price to push it through a slight retrace. In such a scenario, the price of Bitcoin could plunge even further, with $75,000 being the next possible support.
Meanwhile, investors who are looking for diversification opportunities might consider the newly launched Best Wallet (BEST) presale.
Best Wallet Presale Amasses Over $259K In First Two Days
Best Wallet is a Web3 crypto wallet that offers advanced features and an intuitive interface, setting itself apart from traditional wallets like MetaMask. It allows users to access exclusive tools like “Upcoming Tokens” for presale participation, including its own native token, $BEST, now available in a limited-time private presale.
Say goodbye to outdated wallets like MetaMask. It’s time for an upgrade!
Best Wallet is the fastest-growing wallet in the space, offering exclusive features, reduced fees, and access to early-stage presales. 💎
Get ready for the next generation of crypto wallets. 🤝
Download… pic.twitter.com/VIKuJxAxYX
— Best Wallet (@BestWalletHQ) November 13, 2024
Upcoming Tokens is a game-changing tool that could give investors a valuable edge in the crypto space. By allowing them to get in on potentially high-value investments before they hit the mainstream, it positions these investors ahead of the curve in crypto’s fast-paced, ever-evolving market.
This feature allows users to seamlessly own a piece of the latest innovative projects in the space with just a tap, embodying the user-centric approach Best Wallet is known for.
The $BEST token is the governance token of Best Wallet’s expanding ecosystem, which includes the wallet, Best DEX, and the upcoming Best Card. It is the key to unlocking a range of benefits designed to enhance the experience of every Bitcoin wallet user.
Did you know? You can earn $BEST tokens by completing daily airdrop quests! 💸💸💸
The more points you stack, the more $BEST you will receive! Get access to exclusive features and reduced fees when the token launches. 🔥
Remember, daily quests reset everyday at midnight. Don't… pic.twitter.com/APEuMjfNZZ
— Best Wallet (@BestWalletHQ) November 9, 2024
To join the presale, users must first download Best Wallet from Google Play or the Apple App Store, then tap on the Upcoming Tokens section to purchase $BEST tokens.
The Best wallet presale has already raised over $259K. $BEST is priced at $0.02255 right now, but its price will increase in about 19 hours and continue rising as the presale progresses.
Join the presale at the official $BEST Token website here.
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