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The Bitcoin price surged 3% in the last 24 hours to trade at $65,775 as of 01:16 a.m. EST on trading volume that dropped 27% to $42.5 billion.
This comes as the head of 10X Research, Markus Thielen, believes there could be a significant outflow of Bitcoin from miners in the months following the halving, similar to the previous cycles.
#Bitcoin Might Trade Sideways for 6 months As Miners Could Sell $5bn of BTC -> Here is why: https://t.co/gLRgs8yyGg pic.twitter.com/zBLdV95MAl
— 10x Research (@10x_Research) April 13, 2024
According to Thielen, Bitcoin miners could potentially liquidate $5 billion worth of BTC, with selling lasting four to six months. He say that could cause a ”six-month ‘summer’ lull” for the BTC price.
Bitcoin Price To Sustain Its Reversal Over The Symmetrical Triangle
The Bitcoin price has experienced a significant rise since the end of February, which saw BTC surpass its previous all-time high (ATH) to a new one in March, around $73,737. However, the bulls have been unable to reclaim this high, with Bitcoin’s price fluctuations resembling a symmetrical triangle on a 1-day chart.
BTC trades above the 200-day Simple Moving Average (SMA), which showcases the long-term potential of the price to surge even higher. If the bulls are able to sustain the reversal staged within the lower boundary of the triangle, BTC could overcome the 50-day SMA hurdle around $67,067.
Additionally, the Relative Strength Index (RSI) trades upwards toward the 50-midline level at 46, indicating that the bulls are adding to their positions, a possibility of intense buying pressure going up. If the bulls sustain the bullish stance, the RSI could soar past the overbought region, a sign of increased investor optimism.
Bitcoin Price Prediction
The Bitcoin price analysis on the 1-day chart indicates that the BTC bulls are staging a trend reversal to push the price higher above the upper boundary of the symmetrical triangle pattern. A push at this level could possibly push the price higher as they target a new ATH at $87,550 in the long term.
Conversely, if the bulls take control of the price at this level, they could find support at the $60,957 level, just below the lower boundary of the triangle.
Many analysts suggest that there could be a retrace, which usually happens just before the halving, which is poised to occur around April 20.
We usually see a massive Pre-Halving dip that leads to insane upside post halving.
I’m still macro bullish.
I don’t trade LTFs. pic.twitter.com/jO8UhFi4M8
— Kazi (@TheCryptoKazi) April 14, 2024
As the BTC bulls stage a trend reversal, other investors are also diversifying into 99Bitcoins, a new presale project that aims to incentivize users to learn about all things crypto.
99Bitcoins Presale Blasts Past $300K – Best BRC-20 Project To Buy Now?
With the world becoming more receptive toward crypto, acquiring cryptocurrency education has become more important than ever. 99Bitcoins (99BTC) is one of the leading crypto education platforms that’s known for simplifying the complexities of crypto.
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
The platform has entered the blockchain space with its new Learn-to-Earn (l2E) platform powered by its native token, $99BTC.
The 99Bitcoins YouTube channel boasts over 700,000 subscribers, with more than 2 million people registered for the website’s courses.
99Bitcoin’s venture ICO is poised to change the website through the $99BTC token, which promises an engaging earn-as-you-learn experience for website users.
Investors are moving in great numbers to the presale, which has garnered over $300K in less than five days as it closes on the $500k mark.
The launch of the 99Bitcoins token is strategically timed ahead of the Bitcoin halving to capitalize on the hype surrounding this quadrennial event.
That positions the token for a strong post-launch performance, with crypto markets frequently rallying strongly after each halving event.
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
Stake $99BTC, 7,294% Annual Rewards
You can earn passively through the platform’s staking option, where you can stake $99BTC tokens for an impressive 7,294% annual percentage yield (APY).
According to an analysis by the 99Bitcoins YouTube channel itself, the $99BTC price could soar 10X after launch.
$99BTC tokens are priced at $0.001 each, but there will be a price hike in just one day, so buy now if you are interested for the best price.
To participate in the presale, buy $99BTC from the official website here. You can use ETH, USDT, or a bank card to make a purchase.
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