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The Bitcoin price dropped 1% in the last 24 hours to trade at $63,368 as of 11:46 p.m. EST on trading volume that soared 70% to $30 billion.
This comes as analysts now speculate that the distribution post-halving “danger zone” may be over. Historically, this period, which is three weeks after the halving event, is associated with downside volatility below the re-accumulation range.
According to Crypto analyst Rekt Capital, Bitcoin is now trading above the current re-accumulation range of roughly $60,000, a suggestion that the post-halving danger zone could be over.
The Bitcoin "Post-Halving" Danger Zone (purple) is over$BTC #Crypto #Bitcoin https://t.co/FHKoyDdJQD pic.twitter.com/zLmSEWnVYs
— Rekt Capital (@rektcapital) May 6, 2024
Bitcoin analyst Willy Woo also believes that Bitcoin will see higher price movements, based on Volume Average Price (VWAP).
Seems like a good setup for #BTC to reach escape velocity.
Bull div with lots of room to run. pic.twitter.com/EtzGRQrg9a
— Willy Woo (@woonomic) May 6, 2024
Bitcoin Price Set To Rally Above The Falling Wedge Pattern
The Bitcoin price has been on a steady rise since February, which saw BTC surpass its previous all-time high (ATH) at $69,000 to surge to a new ATH of $73,737 in March.
However, the price fluctuations below this level show that the bears have been in control, with BTC trading within the $64,000 and $72,000 range at the beginning of April.
BTC went on a downtrend from mid-April, falling within the confines of a falling wedge pattern. Last week saw BTC drop below the $60,000 critical support, as it slumped to $56,800. This level allowed the bulls to push the price, surpassing the upper boundary of the wedge, as the bulls aim to push the price even higher.
BTC trades above the 50-day Simple Moving Average (SMA), confirming the bullish sentiments. If the bullish momentum is sustains, the SMA will soar past the 200-day SMA hurdle above $64,976.
Moreover, the Relative Strength Index (RSI) also trades above the 50-midline level as it moves to the north, an indication of rising buying pressure. A sustained bullish stance could see the RSI cross to the 70-overbought region, showing continued investor optimism.
Bitcoin Price Prediction BTC Bulls Aim For $72,500
The Bitcoin price analysis on the 4-hour chart indicates that BTC is set to continue its surge over the falling wedge pattern. The major indicators, including the RSI and SMAs, signal a possible breakout, which could see the bulls propel the price to $72,500.
However, the 50-day SMA crosses below the 200-day SMA, forming a death cross at $67,714. A death cross could prompt the bears to initiate a price retrace to the next support level at $61,088.
Meanwhile, some investors are diversifying their portfolios with $99BTC, a Bitcoin derivative that has soared past $1.1 million in funds raised in its presale.
99Bitcoins Presale Blasts Past $1 Million Best Crypto To Buy Now?
99Bitcoins (99BTC) is an educational platform with over 700,000 subscribers on its YouTube channel and more than two million people registered for the website’s courses. 99Bitcoins uses a simplified approach with interactive videos to make learning easy.
What is Spatial Computing? Discover how #Blockchain is transforming AR/VR, making immersive digital worlds more interactive and secure.
Dive deeper: https://t.co/2hlZYRFHBv#99BTC #SpatialComputing #Web3
— 99Bitcoins (@99BitcoinsHQ) April 8, 2024
99Bitcoins is now set to create a decentralized platform where it paves the way for users to learn more about crypto and leverage their education to earn tokens.
99Bitcoins intends to enhance the learning experience by gamifying Bitcoin education, as users who complete challenges and lessons earn higher rankings and $99BTC tokens as rewards.
99Bitcoins also integrates with BRC-20, which allows users to easily build dApps on the Bitcoin network.
Introducing $99BTC on BRC-20! 🎓
Since 2013, #99Bitcoins has been the go-to resource for learning about #Cryptocurrency.
We're launching a platform that enables the building of #dApps on top of the #Bitcoin network!💡#LearnToEarn rewards users on the Bitcoin blockchain.🙌
— 99Bitcoins (@99BitcoinsHQ) April 30, 2024
Holders of 99BTC can stake their tokens for an annual percentage yield (APY) of an impressive 1,598%. About 14% of the 99 billion token supply has been allocated for staking rewards.
Jacob Bury, a prominent crypto YouTuber, believes that 99BTC has the potential to turn $1K into $10K after launch.
You can buy 99BTC now for $0.00103. But with a price hike coming in less than 90 minutes, buy quickly to lock in the best deal.
To join the presale, you can buy $99BTC from the official website here. You have the option of buying the tokens using ETH, USDT, or a bank card.
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