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The Bitcoin price climbed 3% in the last 24 hours to trade at $55,419 as of 00:29 a.m. EST on trading volume that surged 76% to $93 billion.
This comes as veteran trader Peter Brandt says Bitcoin’s fall since the April 2024 halving is similar to the price movements ahead of the 2016 bull run.
Please note that $BTC decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle pic.twitter.com/cIm3WKzBog
— Peter Brandt (@PeterLBrandt) August 5, 2024
Just before the 2016 halving and during the event, BTC was trading at $650. The markets then retreated to a subsequent low of $474 before rebounding to $20,000 in December 2017.
Can Bitcoin soar again in the coming months after such a significant drop?
Bitcoin Price To Continue Soaring
The Bitcoin price continued to decline in August, dropping from a $67,236 high within a falling channel pattern, as data from GeckoTerminal shows.
Yesterday, Bitcoin’s price dropped below the falling channel to as low as $49,800. However, the price seems to be rebounding from below the channel’s lower boundary, now trading within its upper boundary.
The bullish stance is evident as the Relative Strength Index (RSI) rebounded from the oversold level to surpass the 50-midline level and is now at 55, which indicates that buyers have the upper hand.
Moreover, the Moving Average Convergence Divergence (MACD) is also bullish, as it climbs up toward the neutral line aiming to overcome it. The blue MACD line also crosses above the orange signal line, which represents a bullish crossover.
Bitcoin Price Prediction
The RSI soaring and the MACD forming a bullish crossover create bullish prospects for optimistic investors, who could add to their buying positions.
If the buying sustains, the price of Bitcoin could soar above the falling channel as the bulls target the $65,500 resistance.
Meanwhile, BTC still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which shows that the BTC price could still slump. If this happens, bears could take control at this level, which could push the price of Bitcoin to the next support zone of $49,693.
As the Bitcoin price climbs, so funds are being pumped into the P2E project PlayDoge (PLAY), which has rocketed to within a whisker of $6 million in funds raised in its presale.
PlayDoge Meme Coin Raises Over $5.98 Million – Best Meme Coin To Buy Now?
PlayDoge is a mobile-based play-to-earn (P2E) game that transforms the DOGE meme into a Tamagotchi-style virtual pet while allowing holders to earn $PLAY tokens.
The game is inspired by the classic 90s Tamagotchi game and offers players enjoyment and the opportunity to earn rewards in the native token $PLAY depending on how well they look after their pets.
Stack $PLAY and live life on easy mode 🌊 💰
Join the #Presale 👇 https://t.co/JT0VEofqf2 pic.twitter.com/QVL6JOvjvd
— PlayDoge (@PlayDogeGame) July 29, 2024
Token holders can also stake their holdings for an eye watering 81% annual percentage yield (APY).
Crypto YouTuber Jacob Bury says $PLAY could potentially surge 10X after its launch.
You can buy $PLAY tokens for $0.00526 each right now. With a price hike coming in a little more than a day, buy soon if you want to lock in the best deal.
To join the presale, buy $PLAY from the official website here using BNB, USDT, or a bank card.
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