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The Bitcoin price soared 12% in the last week even after a fall of 0.7% in the past 24 hours to trade for $64,298 as of 00:14 a.m. EST.
The bulls still control the market amid buoyant sentiment. Part of the tailwinds stem from positive news on Bitcoin spot ETFs (exchange-traded funds) with ETF Bitcoin balances hitting a new all-time high of more than 900,636 BTC.
JUST IN: 🇺🇸 US spot #Bitcoin ETF balances have hit a new all-time high of more than 900,636 BTC🚀 pic.twitter.com/IeTRuMXrub
— Bitcoin Magazine (@BitcoinMagazine) July 18, 2024
Meanwhile, American internet entrepreneur and celebrity Dave Portnoy says a Donald Trump re-election in 2024 would boost the Bitcoin price.
NEW: 🇺🇸 Dave Portnoy says a Donald Trump re-election in 2024 would boost the price of #Bitcoin
"It's gonna rip." 👀 pic.twitter.com/tL3uTNp2jG
— Bitcoin Magazine (@BitcoinMagazine) July 18, 2024
Elsewhere, reports indicate that Bitcoin Depot, the largest BTC ATM operator, plans to adopt a Bitcoin treasury. This could bode well for the pioneer cryptocurrency, considering it makes around $700 million annually.
JUST IN: The largest #Bitcoin ATM operator, Bitcoin Depot, will adopt a $BTC treasury
They make $700,000,000 annually 👀 pic.twitter.com/4L3XE5TPWE
— Bitcoin Magazine (@BitcoinMagazine) July 18, 2024
The big news, however, is that the IBIT ETF issuer, BlackRock, bought more than $1 billion in Bitcoin in July. On July 18 alone, investors bought more than $107 million, marking the ninth straight day of inflows.
JUST IN: Blackrock has purchased over $1B worth of #Bitcoin this month – Including $107M Today.
That's 18,600 #Bitcoin
This is a total acceleration of inflows 🚀 pic.twitter.com/nPptlIyEvX
— Thomas | heyapollo.com (@thomas_fahrer) July 18, 2024
Pointing to growing interest, the data is unsurprising given elevated greed levels in the market, which could play well in driving the Bitcoin price further north.
Bitcoin Price Prediction Amid Elevated Greed Levels in the BTC Market
The Bitcoin price is trading with a bullish bias, holding well above the 50% Fibonacci placeholder of $63,558. Based on the technical indicators, the market favors the upside, with the Relative Strength Index (RSI) showing growing momentum as it holds above the mean level of 50.
Looking at the Moving Average Convergence Divergence (MACD), the indicator has moved into positive territory. Its crossover above the signal line (orange band) shows buying pressure is above selling pressure. The histogram bars of the MACD also reinforce the optimism, showing bullish optimism in the market.
Moreover, the volume profile shows that there is a lot of bullish momentum (yellow) ready to interact with the Bitcoin price upwards. This is relative to the negative momentum (blue) that is also visible in the market.
If the bullish momentum increases, the Bitcoin price could extend north to test the 38.2% Fibonacci retracement level of $65,921. A candlestick close above this level would set the runway for a further upside amid abounding bullish momentum seen with the volume nodes.
In a highly bullish case, the Bitcoin price could flip the $68,844 level into support, with prospects for more gains. This could potentially go as high as the peak of the market range at $73,570.
GeckoTerminal: BTC/USD 1-day chart
On the other hand, if profit booking continues, the Bitcoin price could slip below the 50% Fibonacci placeholder. While this could provoke panic selling, the bullish thesis would only be invalidated below $53,547.
With bullish sentiment around BTC, traders are also piling into 99Bitcoins (99BTC), with crypto YouTuber Today Trader saying it has ”huge potential.”
As retail and institutional investors pile into Bitcoin, its derivatives are well placed to benefit. And already investors have pumped more than $2.45 million into the 99BTC project.
Skyridge's Anthony Scaramucci believes a $100,000 #Bitcoin is still possible by the end of this year! 🚀
A 6-figure $BTC price would surely end the doubts once and for all that #BTC is here to stay!#99Bitcoins #BullRun #Crypto pic.twitter.com/GqXRzBP1Vy
— 99Bitcoins (@99BitcoinsHQ) July 18, 2024
A Promising Alternative To Bitcoin
99BTC is the native cryptocurrency for the 99Bitcoins ecosystem, a long-established educational platform that is pioneering a new Learn-to-Earn rewards model.
99Bitcoins promises a groundbreaking earn-as-you-learn experience for users. The project incentivizes learning through a unique mix of gamification and a leaderboard reward system.
It ensures users feel like their learning is bearing tangible and, therefore, spendable benefits. You earn crypto while learning about crypto.
Revolutionizing #Learn2Earn! 📘
🎓 Why It’s the Future:
With the $99BTC Token, you can earn rewards simply by expanding your #Cryptocurrency knowledge.
The Numbers: 🔢
– 79 hours of Courses
– 709K Followers
– 2.85M SubscribersTake a look: https://t.co/NXD7DAamqr#Bitcoin pic.twitter.com/rtBrEJjaZA
— 99Bitcoins (@99BitcoinsHQ) May 5, 2024
Investors can stake 99BTC tokens for an Annual Percentage Yields (APY) of 693%. Rewards are paid out on every Ethereum block.
Up to 14% of the token supply will be distributed over two years. Rewards are calculated based on your staking pool percentage and the estimated rewards percentage per annum.
Short on time? Simply stake your $99BTC tokens on our website and earn passive rewards effortlessly!
Join now! 👉 https://t.co/nA4Lw89WA0#99Bitcoins #Crypto #Presale #Alts pic.twitter.com/av0mkMvIbR
— 99Bitcoins (@99BitcoinsHQ) April 19, 2024
99BTC tokens are priced at $0.00114. For those attracted to the project, it’s best to buy before a price hike in about 4 days.
Visit and buy 99Bitcoins here.
Also Read:
- 99Bitcoins Price Prediction – $99BTC Profit Potential in 2024
- 99Bitcoins Launches New Learn-to-Earn Airdrop Presale – TodayTrader Video Review
- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
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