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The Bitcoin price rose 2% in the last 24 hours to trade at $59,165 as of 02:55 a.m. EST on trading volume that plunged 29% to $29.6 billion.
This comes as former BitMEX CEO Arthur Hayes believes that Bitcoin has hit a bottom and will steadily go up over the next few months.
“The slow addition of billions of dollars of liquidity each month will dampen negative price movement from here on out,” he said. “While I don’t expect crypto to fully realize the recent US monetary announcements’ inflationary nature immediately, I expect prices to bottom, chop, and begin a slow grind higher.”
BTC hit a low of around $56,800 this week, but Hayes says it is set to rally above $60,000 and then stay range-bound between $60k and $70k until August.
The recent dip prompted BTC whale entity nicknamed “Mr.100” to buy Bitcoin for the first time since the Bitcoin halving event. The Mr.100 whale wallet bought over 4,100 BTC worth over $242 million at around the $58,000 mark.
⚡️ JUST IN: ‘Mr. 100’ buys the Bitcoin dip for first time since halving. Is the BTC bottom in?
Mr. 100, who was previously identified as Upbit, has bought over $147 million worth of Bitcoin for the first time since the halving, suggesting an end to the current retracement. pic.twitter.com/KjjtLoD5Ut
— VIC TRADER (@vicsocialtrader) May 3, 2024
Bitcoin Price Set To Surge Over The Bullish Pennant Pattern
The Bitcoin price has been on a steady rise since October last year hitting new yearly highs, which saw it surpass the previous all-time high (ATH) of $69,000 to a new ATH at $73,737. However, this level has remained a challenge for the bulls. The price has been fluctuating within this range, forming a bullish pennant.
With the recent dip, BTC surpassed the lower boundary of the pennant, breaching the $60,000 critical support to as low as $56,800. This level has acted as the local support, set to encourage the bulls to push the price higher.
BTC trades above the 200-day Simple Moving Average (SMA), a confirmation of the bullish potential to the upside. A sustained bullish stance could allow BTC to overcome the 50-day SMA hurdle at $66,096.
Moreover, the Relative Strength Index (RSI) is rebounding from the 30-oversold level, currently at 36. A signal that buyers are now buying. If the buying action continues, the RSI could surge to the 50-midline level as it heads to the 70-overbought region, an indication of intense buying pressure.
Bitcoin Price Prediction
The Bitcoin price analysis indicates that BTC is set for an upward price movement above the bullish pennant as the bulls target a new ATH at $85,000.
With the RSI already crossing to the 30-oversold region, BTC bulls could prompt a buyback campaign, which could advertently push the price higher above the $73,000 resistance.
Conversely, in the instance the bears take control of the price at this level, Bitcoin could retrace back to the support zone at $49,636, which coincides with the 200-day SMA.
Meanwhile, with the BTC price seemingly headed in a northern direction, investors are also diversifying their portfolios via the $99BTC presale, which has raced to within a whisker of $1 million raised.
99Bitcoins Raises Over $990K – Best Crypto To Buy Now?
The 99Bitcoins (99BTC) educational platform has over 700,000 subscribers on its YouTube channel and over two million people registered for the website’s courses. It uses a simplified approach with interactive videos to make learning about the blockchain space easier and fun.
99Bitcoins now aims to create a decentralized platform where people can easily learn about crypto and leverage their education to earn tokens.
Its Learn-to-Earn model utilizes a combination of gamification and a leaderboard reward system that means you earn crypto by learning about crypto.
99Bitcoins also integrates with BRC-20, which paves the way for the building of dApps on the Bitcoin network.
Users also have an opportunity to earn passively through the platform’s staking mechanism,which offers an annual percentage yield (APY) of a whopping 1,833%.
According to Jacob Bury, a popular crypto analyst on YouTube, 99BTC has the potential to turn $1K into $10K.
You can buy 99BTC now for $0.00103, with a price hike coming in less than six days. If you are interested, buy soon for the best price.
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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