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The Bitcoin price dropped 1.2% in the last 24 hours to trade at $67,760 as of 7:25 a.m. EST, despite a 5.2% surge in trading volume to $26.8 billion.
This drop comes as broker Bernstein predicts that Bitcoin and Ether ETFs (exchange-traded funds) will grow into a $450 billion market.
Bernstein indicated that over $100 billion could flow into crypto ETFs in the next two years. The broker also noted that US approval of spot Ether ETFs last week has positive implications for competing tokens like Solana.
Bernstein also predicts that Bitcoin will reach a cycle high of $150,000 in 2025 and set a year-end price target of $90,000.
Bitcoin Price On The Brink Of A Break Out Above The Bullish Pennant
Despite maintaining some gains for the week, Bitcoin is still trading within the bull pennant as the bulls prepare to initiate a rally above the pennant.
The bullish pennant formation hints at a potential upward trend, suggesting that the bullish momentum could continue and possibly push prices beyond Bitcoin’s all-time high of $73,737.
BTCUSDT Analysis. Source: Tradingview.com
The price also shows a bounce back on the 50-day simple moving average (SMA), while the 200-day SMA continues to offer solid support for Bitcoin, keeping the bullish momentum intact. If Bitcoin starts to climb, it might confirm the anticipated rally above the 50-day Simple Moving Average (SMA) and break through the upper trendline of the pennant.
Despite being on a short-term bearish trend, the Relative Strength Index (RSI) has bounced back from the oversold level of 30, crossing the midline at 50 to 65, indicating intense buying pressure. If there’s a bounce back on the 50 neutral level, it might push the RSI back into the overbought zone.
Moreover, the green bars on the Moving Average Convergence Divergence (MACD) indicator and the recent crossover above the signal line further strengthen confidence in Bitcoin’s bullish outlook.
Bitcoin Price Bulls Gear Up For A Bull Rally Above The Pennant
The Bitcoin price is on the brink of a great bull rally despite the short downtrend to the 50 SMA as traders capitalize on the presence of the bullish pennant to drive the bullish momentum towards a new all-time high of $85527.
However, if the bears continue the downtrend, the price might drop below the 50 SMA within the pennant to $65,827. Further downward pressure could lead to a retracement towards the lower trendline at $61,514.
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Meanwhile, some Bitcoin investors are diversifying their portfolios with 99Bitcoins ($99BTC), a Learn-To-Earn platform that is quickly attracting investors to its presale.
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99Bitcoins is an educational platform with over 2 million registered users for its courses.
The platform is gearing up to launch a decentralized platform that aims to empower users to delve deeper into the world of crypto while also allowing them to earn tokens through education.
It uses a friendly approach, utilizing interactive videos to simplify learning.
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— 99Bitcoins (@99BitcoinsHQ) May 29, 2024
99Bitcoins aims to gamify learning about crypto, making it more engaging and enjoyable. By completing lessons and overcoming challenges, users can climb the ranks of the leaderboard and earn rewards in the form of $99BTC tokens.
The token can also be staked for an annual yield of 984%. Out of the total token supply of 99 billion, 14% is allocated for staking rewards.
Jacob Bury, a prominent crypto YouTuber, believes that 99BTC can potentially turn $1k into $10k after launch.
The 99BTC presale has already raised more than $1.7 million as it heads for its next target of $2.48 million.
You can buy 99BTC for $0.00107 per token, but time is ticking as the price will increase in less than six days.
Buy $99BTC from the official website here using ETH, USDT, or a bank card.
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