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The Bitcoin price fell almost 1% in the last 24 hours to trade at $66,858 as of 03:31 a.m. EST on trading volume that plunged 20% to $29 billion.
This comes as legendary billionaire hedge fund investor Paul Tudor Jones told CNBC’s Squawkbox that he’s hedging against inflation by investing in assets such as Bitcoin, gold, and tech stocks, while studiously avoiding fixed-interest assets.
Bitcoin Price Aims For A Bullish Rally
According to the BTC/USD chart analysis on the 1-day chart, the yellow upward-sloping lines outline a rising price channel, indicating a sustained uptrend. The Bitcoin price has been consistently making higher lows and higher highs within this channel since mid-September, which is a classic bullish signal.
According to data from GeckoTerminal, the $52,500 support allowed the bulls to stage a continued bullish rally.
As a result, the price of Bitcoin now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the likely bullish stance. The 50-day SMA is also closing in on the 200-day SMA, which could signal a likely golden cross in the coming days.
The Relative Strength Index (RSI) is at 58.03, which is in the neutral-to-bullish range (above 50 but below 70). This suggests that there is still room for the price to go higher before becoming overbought, but caution is warranted if it approaches 70.
Bitcoin Price Prediction
The current BTC/USD setup is bullish. The Bitcoin price is within an ascending channel and above both key SMAs, with the RSI indicating more upside potential. A breakout above the upper channel boundary could push the price toward higher targets, as the bulls target $76,000.
However, if the bears gain control at this level, the Bitcoin price could plunge further down to below the channel, with $62,204 (50-day SMA) acting as a formidable support zone.
Meanwhile, investors seeking to diversify their portfolios might investigate the new meme coin Flockerz (FLOCK), which has already amassed over $979K in presale.
According to 99Bitcoins, a popular crypto channel on YouTube with over 706K subscribers, $FLOCK has the potential to soar 100X after its launch.
Flockerz Presale Closes On $1 Million – Best Crypto To Buy Now?
Flockerz is a new meme coin that gives decision-making power to its community, The Flock, via its vote-to-earn ͏(V2E) system͏.
Token holder can v͏ote o͏n͏ d͏ecisions and ͏e͏a͏rn $FLOCK tokens as rewards for their participation. At the core of Flockerz lies FlockTopia, where every holder has a voice and earns rewards.
The m͏o͏re͏ you ͏vote͏,͏ t͏he more token͏s ͏you ͏earn͏,͏ ͏creating a direct i͏nc͏entive f͏or pa͏rticip͏ati͏on. Thi͏s ensures ͏that active com͏munity͏ mem͏ber͏s are͏ rewarded for their inv͏olveme͏nt.͏
The flock is flying high! We’ve officially crossed $300K! pic.twitter.com/MsLc5PeoyX
— Flockerz (@FlockerzToken) September 28, 2024
Apart from V2E rewards, users can earn passively through the platform’s staking mechanism, which offers a sky-high annual yield of 1,725%.
To join the presale, you can buy $FLOCK on the official website here for $0.0058394 per token using BNB, ETH, or USDT. You can also make a purchase using your bank card.
Buy before a price hike in about two days to secure the best deal.
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