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The Bitcoin price has soared 5% in the past week and 0.5% in 24 hours to trade for $66,536 as of 02:30 a.m. EST.
This comes as fund manager Fidelity says BTC is ‘no longer cheap’. Revising its medium-term outlook from positive to neutral after the first quarter (Q1), the firm cited several indicators that point to a build up of selling pressure.
Fidelity’s Signals Report used the Hashrate Yardstick metric, which is similar to the price-to-earnings ratio for stocks, to assess BTC’s value.
The firm’s director of research Chris Kuiper explained the stance in a post on X on April 23.
Where are we at in the digital asset cycle?
Our latest Signals report just dropped and we changed a couple of our outlooks for #bitcoin.
Most notably the mid-term outlook is now "Neutral" from "Positive" last quarter. Why?https://t.co/Dx042hZlzV
— Chris Kuiper, CFA (@ChrisJKuiper) April 22, 2024
Bitcoin Price Is No Longer Cheap, But Fidelity Remains Bullish On BTC
Fidelity also said that long-term holders are adding to selling pressure and that 99% of Bitcoin addresses are in profit.
Still, Fidelity remains bullish on the Bitcoin price and cited multiple price levels that continue to hold above a “golden cross” on the BTC/USDT chart. This is as the BTC price steadily traded above the 50- and 200-day moving averages across Q1.
Elsewhere, and cognizant that the market tends not to wait for so long, renowned crypto trader and analyst @rektcapital says the bullish cycle could decelerate if the Bitcoin price continues in its current consolidation between $60,000 and $70,000 post-halving.
The more Bitcoin consolidates between $60,000 & $70,000 after the Halving…
The more this cycle will decelerate and resynchronise with its regular historically-recurring Halving Cycle with a Bull Market peak in mid-September/October 2025$BTC #Bitcoin #BitcoinHalving pic.twitter.com/D9GxXvJ1TB
— Rekt Capital (@rektcapital) April 22, 2024
This analysis comes following the BTC halving on April 20, with Bitcoin bulls still in celebratory mode. Meanwhile, data shows that Bitcoin transaction fees have been reducing, dropping from 128.45 to 24.99 between halving day and Tuesday, April 23. This represents a drop of 80.5% in only three days.
Bitcoin Price Outlook
The Bitcoin price is trading with a bullish bias, although it appears capped by an ascending trendline to the upside. The market seems primed for a correction, with multiple hints from technical indicators. To begin with, the Moving Average Convergence Divergence (MACD) is teasing with a possible sell signal. This will be executed once the MACD crosses below the orange band of its signal line.
The Awesome Oscillator (AO) is also recording a steady streak of red histogram bars, showing bearish sentiment is growing. If the Relative Strength Index (RSI) produces a lower high, it would signal a trend reversal. Traders should watch for this to begin shorting BTC as it would indicate a bearish reversal.
However, if the RSI records a higher high, it would lead to a continuation of the primary trend, which is bullish on the weekly timeframe. A candlestick close above the ascending trendline could see the Bitcoin price reclaim the $73,777 peak. In a highly bullish case, the pioneer crypto could clear this cycle top and record a new peak price above $74,000.
TradingView: BTC/USDT 1-day chart
On the other hand, if the Bitcoin price falls in the hands of the bears, it could drop to $60,805 or worse, descend to collect sell-side liquidity residing underneath, indicated by the intra-day low of the March 5 trading session around $59,005.
Meanwhile, investors are flocking to 99BTC, the latest Bitcoin derivative presale that’s already raised $708k.
Promising Alternative To Bitcoin
99Bitcoins is a long-established educational platform that’s pioneering a new Learn-to-Earn rewards model.
Boasting best-in-class educational resources and visual learning courses for crypto beginners, this project has earned a place among the most trusted names in crypto circles.
The 2024 #Halving will cut $BTC block rewards by 50%, tightening supply and potentially boosting demand. 🚀
What does this mean for #Bitcoin and $99BTC? More than you might think!
Learn more at https://t.co/NXD7DAamqr#99Bitcoins #Crypto #Presale pic.twitter.com/lGEtEuj2wc
— 99Bitcoins (@99BitcoinsHQ) April 20, 2024
The project traces back to 2013. Starting out as BitcoinWithPayPal.com, what was once a simple domain has since transcended to a true Web2 fashion. Transitioning to Web3 with its $99BTC token, 99Bitcoins promises a groundbreaking earn-as-you-learn experience for users of the website.
Powered by BRC-20, the $99BTC token enhances our #LearnToEarn platform, rewarding users for each step in their crypto education journey.
Dive in, learn about #Crypto, and earn rewards as you grow your knowledge!
Join now: https://t.co/NXD7DAamqr#99Bitcoins #Presale #Airdrop pic.twitter.com/TrpQxCFxPs
— 99Bitcoins (@99BitcoinsHQ) April 21, 2024
99Bitcoins incentivizes learning through a unique mix of gamification and a leaderboard reward system. This ensures users feel like their learning is producing tangible benefits. Put simply, you earn crypto while learning about crypto.
🚨 Stage 2 of the $99BTC #Presale ends in just 1 day!
Don't miss your chance to secure your tokens at the current price before it rises in Stage 3. ⏰
Join the presale today!
👉 https://t.co/9aJ5rE5LY3#99Bitcoins #Airdrop #Crypto #L2E pic.twitter.com/Z9IlThocSx— 99Bitcoins (@99BitcoinsHQ) April 22, 2024
You can also stake your 99BTC holdings for rewards as high as 2,629% annually. So far, upwards of four million tokens have been staked.
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
So far, the project is in the second stage of its presale, where each 99BTC token is selling for $0.00101. This price will change imminently, so buy now if you are interested.
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
- 99Bitcoins Token Unveils Learn 2 Earn Crypto ICO, Next BRC-20 Project To Explode?
- Top Gaming Coins to Buy Before the Upcoming Bull Run – 99Bitcoins Video Review
- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
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