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The Bitcoin price jumped 4% in the last 24 hours to trade at $102,949 as of 2.40 a.m. EST on trading volume that skyrocketed 52% to $72.02 billion.
The increase in the BTC price is believed to be due to news of MicroStrategy’s latest purchase of Bitcoin, which marks the 12th consecutive week the firm has added to its stockpile. The recent acquisition saw the company purchase $1.1 billion worth of BTC.
In response, Bitcoin, which dropped from $105k to $97.9k yesterday, immediately started a recovery. This has brought it to its current level at just under $103k.
Bitcoin Price Prediction
Bitcoin’s price has seen quite a bit of activity in the last two days. As mentioned, its price dropped from $105k to $97.9k, which was a major move after trading sideways for several days with extremely tight Bollinger Bands.
As the price started spiraling down, the bands once again widened, only to narrow down again when the coin reached its bottom at around $98,000. However, following the reports of Microstrategy’s newest purchase, the BTC price started soaring, and the bands followed with another major widening to signal a change in investor sentiment and an increase in trading activity.
The price has mostly been pushing the upper band further up, but it did see several rejections in the last 24 hours. One of them, around 14 hours prior to the time of writing, pushed it down to the bottom band, while the next one, around 5 hours prior to the time of writing, pushed it to the middle line between the two bands.
The coin’s Relative Strength Index (RSI) shows that the buying power suddenly rose around 24 hours ago, pumping the coin’s price. However, traders remained in control and were seemingly using the RSI metric as their primary trading signal.
The value started dropping again as soon as it reached 70 – the start of the overbought zone. However, after sinking back to 40, traders started buying again, returning it to the value of 70. Over the past nine hours, the RSI value fluctuated between 50 and 70, suggesting that traders are optimistic again and that they are taking profit and pumping the price back up after it drops.
Promising Alternative To Bitcoin
While pumping BTC up and then taking profit is a sure way to make small gains multiple times per day, investors who are looking for a big score are doubling down on Wall Street Pepe (WEPE).
This is a Pepe alternative that has been in the ICO phase since early December, emerging as one of the best-performing meme coin presales in the sector’s history. To date, the project has raised over $62.4 million, and this figure continues to grow as investors pour more money into the ICO every day.
Wall Street Pepe’s goal to create a private group for its token holders, where they would get access to crucial information and strategies that could help them prosper in the crypto market. The project got the idea to do so after observing crypto whales, who stick to their insider groups and receive the best information, tools, and strategies to make money off of cryptocurrencies.
However, the same strategies and info is not available to smaller retail investors. WEPE decided to change that, and the only thing you need to do to join its insider group is buy its token, which currently sells for $0.0003665. However, do so quickly, as the ICO is scheduled to end in 19 days.
The bigger risk is missing out on WEPE’s ICO if it sells all of its available tokens. This was pointed out by ClayBro, a crypto YouTuber with over 135k subscribers, who predicted that the presale would not run for much longer.
Buy WEPE on its official website here before its presale sells out.
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