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The Bitcoin price dropped 5% in the last 24 hours to trade at $62,564 as of 00:08 a.m. EST on trading volume that rose 6% to $45 billion.
This comes as Bloomberg ETF (exchange-traded fund) analyst Eric Balchunas says that the recently approved spot Bitcoin ETFs in Hong Kong will be lucky to get $500 million in inflows.
“Other countries adding btc ETFs is no doubt additive but it’s nickel-dime compared to the mighty US market,” he said.
Latest on HK spot Bitcoin ETFs: They have been approved to exist but not launch (yet). Rumor has it launching next wk so to not compete w Dubai conf. Don't expect a lot of flows (I saw one estimate of $25b that's insane). We think they'll be lucky to get $500m. Here's why:
1. HK…— Eric Balchunas (@EricBalchunas) April 15, 2024
Bitcoin Price Set To Rebound Over The Bullish Pennant
The Bitcoin price has been on a steady rise since November, experiencing steady growth as the BTC bulls continue to show dominance. In the first quarter of this year, Bitcoin rose exponentially through a markup phase to March, recording an all-time high (ATH) of $73,737.
Additionally, BTC has been trading on highs and lows, forming what resembles a bullish pennant pattern as the bulls strive to push the price from the lower boundary.
The Bitcoin price trades over the 200-day Simple Moving Average (SMA), which indicates that Bitcoin still has a long-term potential for the upside. If the bulls sustain the momentum, BTC could soar past the 50-day SMA hurdle at $67,183, introducing another leg up.
Moreover, the Relative Strength Index (RSI) coincides with the current downtrend, trading towards the 30-oversold level at 40, indicating that investors are in a selling frenzy.
Bitcoin Price Prediction
The Bitcoin price analysis shows that BTC is on a retrace but on the lower boundary of the bullish pennant, as the bulls aim to push the price over. Additionally, the RSI is trending towards the oversold level, which indicates that BTC has a price reversal coming.
Generally, the RSI and the golden cross around $28,206 on the 1-day chart show that the BTC bulls may be targeting $85,000.
However, if the bears continue exerting more pressure on the BTC price, the price may go further down to find support at $47,170, which coincides with the 200-day SMA.
Meanwhile, with the looming Bitcoin halving event, investors are buying $99BTC, which has raised over $370K in less than a week.
99Bitcoins: Next BRC-20 Project To Explode?
99Bitcoins (99BTC) has established itself in the market as one of the leading crypto educators in the field. The platform uses a simplified approach, complete diagrams, presentations, and interactive videos, making the blockchain space more understandable.
The platform has over 700,000 subscribers on its YouTube channel, and more than two million people have registered for the website’s courses. It is a heritage platform that provides best-in-class educational resources and visual learning courses for crypto beginners and is a trusted name in crypto circles.
What is Spatial Computing? Discover how #Blockchain is transforming AR/VR, making immersive digital worlds more interactive and secure.
Dive deeper: https://t.co/2hlZYRFHBv#99BTC #SpatialComputing #Web3
— 99Bitcoins (@99BitcoinsHQ) April 8, 2024
With Bitcoin entering its fourth halving around April 20, people who have not been in the blockchain space until now are getting more interested in investing in the latest cryptos.
With the #BitcoinHalving event just 9 days away, speculation is mounting: Is $BTC's price set to skyrocket post-halving? 👀
Dive into our analysis on the potential price impact of this pivotal supply shock.
Read more: https://t.co/zTA3n26nDl#99Bitcoins #Halving #BullMarket
— 99Bitcoins (@99BitcoinsHQ) April 11, 2024
Venturing into 99Bitcoin’s ICO launch aims to create a decentralized platform where people can learn about cryptocurrencies and leverage their education to earn tokens.
99Bitcoins is launching as an ERC-20 token and will bridge to BRC-20 as a major focus of the project’s roadmap. This will enable the native integration and development of dApps and projects on the Bitcoin blockchain.
Stake $99BTC For 6,081% Annual Rewards
You can earn passively on the platform by staking $99BTC for an impressive 6,081% annual percentage yield (APY).
According to the 99Bitcoins YouTube channel itself, $99BTC has the potential to soar 10X after launch.
You can buy $99BTC now for $0.001 per token. There will be a price increase imminently, so buy immediately if you are interested.
To participate in the presale, you can buy $99BTC from the official website here. You can use ETH, USDT, or a bank card to make a purchase.
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