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Bitcoin Price Prediction: As “Buy Bitcoin” Sign Behind Janet Yellen Sells For $1M, Investors Flock To This BTC Derivative With Less Than Two Days Left

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Bitcoin price
Bitcoin price

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The Bitcoin price is up a fraction in the past 24 hours to trade for $64,225 as of 06:50 a.m. EST.

Trading volume has dropped by 7%, however, amid a broader market gloom. Despite the lull in the market, Bitcoiners and crypto enthusiasts remain strong in the market as some anticipate a parabolic move up.

Crypto Tony, a popular trader and analyst, says Bitcoin still has some upside potential left despite the recent all-time high of $73,777.

Elsewhere, crypto market watchers are bewildered by the epic sale of the “Buy Bitcoin” sign shown behind Janet Yellen at a congressional testimony in 2017. Based on a Bloomberg report, the sign has sold for $1 Million at an auction conducted by Scarce City at PubKey. Pubkey is a Bitcoin-themed bar in New York City.

Reportedly, the online auction came soon after the Bitcoin price attained an all-time high.  According to the auction house that facilitated the deal, Scarce.City, this was a record amount for the auction platform.

The individual who photo-bombed Janet Yellen with the “Buy Bitcoin” sign seven years ago received 16 BTC (over $1 million) from Justin, alias Squirrekkywrath.

According to the head of research at Galaxy, Alex Thorn, the new owner of the yellow pad is a “Bitcoin OG that no one has ever heard of.” Christian Langalis, who had held up the sign in 2017, told CoinDesk that proceeds from the auction will go to fund a Bitcoin layer-2 startup called Tirrel Corp.

This firm is developing a Bitcoin Lightning network wallet on Urbit. Langalis had been escorted out of the building for violating committee rules.

Bitcoin Price Outlook As Markets Head Into The Weekend

The Bitcoin price is in a tough place, stuck between an area of strong bearish activity to the top and strong bullish activity to the bottom. To get out of here, Bitcoin price needs a catalyst to push it to the north. Some say this could be Hong Kong exchange-traded funds (ETFs) trading, expected to begin on Monday.

Increased bullish momentum could see the Bitcoin price extend north, overcoming immediate resistance at $65,596. A strong move above this level could send BTC price higher, into the levels above the $68,000 psychological level, effectively escaping the area of huge bearish activity , represented by the large spikes on the volume profile (grey).

A decisive move above $69,032 would draw in more bulls, potentially sending the Bitcoin price above the $70,000 threshold. In a highly bullish case, BTC could extend a neck higher, clearing the $71,311 blockade as it reaches to reclaim its all-time high of $73,777, recorded on March 13.

Investors looking to take long positions for BTC, however, should wait for a decisive move of the Relative Strength Index (RSI) above the mean level of 50. This would be reinforced by a flip of the Moving Average Convergence Divergence (MACD) into positive territory, with the MACD line above the signal line suggesting an incoming bullish cycle.

Bitcoin price

TradingView: BTC/USDT 12-hour chart

Converse Case

On the other hand, if the bearish volume profile holds as a resistance around $66,613, the Bitcoin price could drop. Bearish momentum overpowering bullish effort sprouting around the yellow spikes of the volume profile could send Bitcoin price below the $62,000 base.

In a dire case, the Bitcoin price could slip lower into the liquidity pool that stretches from $60,660 to around $59,005, which acts as a magnet for the price before a balance in the market can be achieved. Notably, when liquidity remains uncollected, there is instability in price until such orders are filled.

As Bitcoin works out its next move, investors might consider BTCMTX, a Bitcoin derivative that has less than two days left before its presale closes.

Promising Alternative To Bitcoin

BTCMTX is a stake-to-mine project featuring among analysts’ top picks for the next 100X crypto to invest in with potential for massive gains. It is the ticker for the Bitcoin Minetrix ecosystem, a cloud-mining project making Bitcoin ownership achievable even for the ordinary folk.

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The mechanism that underpins this value addition is cloud-mining, an approach that is unique, decentralizing and tokenizing the entire process for maximum user convenience.

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BTCMTX tokens are available for $0.0148 each, with the claim event scheduled for April 30. If you are interested, buy now before it’s too late.

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Also Read:

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