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The Bitcoin price has slumped 2% in the last 24 hours to trade at $102,628 as of 3:30 a.m. EST on a 20% drop in trading volume to $61 billion.
This plunge in the BTC price comes despite BlackRock CEO Larry Fink predicting Bitcoin could soar to $700,000 per coin, driven by small allocations of 2%- 5% from asset managers and amid fears of currency debasement.
🚨JUST IN: $11.5 trillion BlackRock CEO Larry Fink says Bitcoin could go up to $700,000 if there is more fear of currency debasement and economic instability.
pic.twitter.com/V58UQHkEbU— Bark (@barkmeta) January 22, 2025
Fink described Bitcoin as an international instrument to counter economic or political instability concerns but clarified he was not promoting it. Fink also warned of persistent inflation risks over the next year, cautioning against assumptions that inflation has already peaked.
Bitcoin Price Encounters A Slight Pullback
The BTC/USDT price action on the 1-day timeframe indicates a strong bullish trend as Bitcoin currently trades at $102,628. Key support levels are $101,000 and a secondary level below $96,500. These levels serve as safety zones in case of a bearish correction.
A well-defined ascending trendline indicates consistent upward momentum since late 2024. Historically, a falling wedge pattern in August acted as a reversal indicator, leading to the ongoing bullish rally. The current target price is around $110,000, indicated by a green arrow, signalling a potential breakout in the coming days.
BTCUSDT Analysis Source: TradingView
The Simple Moving Averages (SMAs) also support the bullish narrative. A significant bullish crossover occurred in October, marking the beginning of the upward trend. These SMAs now act as dynamic support levels, further stabilizing the price.
In addition, the Relative Strength Index (RSI) is also at 56.51, signaling strong bullish momentum while staying below the overbought threshold of 70. This suggests that bulls have more opportunities to increase the price of Bitcoin.
The LuxAlgo indicator has generated multiple buy signals (marked “B”) throughout the trend, reaffirming the bullish sentiment. Trendline breaks above key resistance levels suggest strong market confidence. However, if the price drops below $101,000, there could be a pullback to $96,500.
Bitcoin’s price action appears poised for further growth if it can surpass the $110,000 resistance. A successful breakout could see the price rally toward $115,000 or even $120,000. Conversely, a failure to maintain current support levels might lead to a bearish correction.
Best Wallet Presale Closes On $8 Million-Best Crypto To Buy Now?
The Bitcoin price is still generally bullish. However, as the price gears up for another bullish rally, investors are flocking to this Best Wallet (BEST) presale, pushing the project’s early-stage raise past $7.9 million.
Best Wallet is an all-in-one platform designed to help users navigate the Web3 world. It combines features like a decentralized exchange (DEX), wallet management, and tools to make handling crypto assets simpler and more efficient.
Built for simplicity, powered by innovation.
Best Wallet is your all-in-one solution for managing, trading, and tracking crypto. Unlock exclusive access to powerful tools and ALPHA on the hottest new projects! 🔥
Download Now 📲 https://t.co/he5kzra7TY pic.twitter.com/tk0loLzzId
— Best Wallet (@BestWalletHQ) January 20, 2025
What sets it apart is the “Upcoming Tokens” section, where users can spot promising tokens before they launch. The wallet has already proven itself by identifying tokens like Pepe Unchained (PEPU) and Catslap (SLAP) that has delivered massive returns for early investors.
One of the hottest picks in the “Upcoming Tokens” section is Solaxy (SOLX), a new Solana-based meme coin and the first layer-2 solution on the Solana network, which has already raised over $13.6 million in its presale.
In addition, BEST token holders can now stake their tokens for an impressive annual return of 228%.
An analyst from the popular YouTube channel 99Bitcoins, with over 719k subscribers, called BEST a potential game-changer.
Users can also participate in the Best Wallet airdrop by completing simple tasks to earn BEST tokens and boost their rewards.
To join the presale, you can buy BEST tokens for $0.0237 each.
Buy BEST tokens here before a scheduled presale price hike in less than 14 hours.
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