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The Bitcoin price dropped 2% in the last 24 hours to trade at $58,258 as of 00:41 a.m. EST, even as trading volume skyrocketed 55% to $23 billion.
This comes as analyst Titan of Crypto, with almost 92k followers on X, predicts that BTC could break above $92,000 after months of downward movement. Drawing from historical post-halving chart patterns, he suggests that BTC is now on the verge of a three-month rally.
#Bitcoin Rally Imminent? 🚀
In previous cycles, when the price retested the 50-week simple moving average 🔴, it bounced at least 40%.
On average, the bounce was 71%. If #BTC rallies 71% from here, it could reach $92,000. pic.twitter.com/e3ghGxn3NS
— Titan of Crypto (@Washigorira) September 13, 2024
Bitcoin Price Bearish, A Trend Reversal Looming?
The Bitcoin price has soared through a markup phase since Sept. 8, surging from $54,112 to $60,771 on September 14, according to data from GeckoTerminal.
Bitcoin recovered above the $60,000 psychological mark on Sept. 14 for the first time since August 30.
However, after soaring to the $60,771 resistance, the price of Bitcoin then went through a correction to the current price, forming a rounding top pattern. The bears may capitalize on the rounding top to push the token lower to the $55,137 support zone.
Even though the Bitcoin price trades above the 50-day Simple Moving Average (SMA), the bulls struggle to keep the price above the 200-day SMA, which now acts as a formidable resistance around $58,968.
The Relative Strength Index (RSI) also supports the downtrend narrative, as it dropped from the 70-overbought region to currently trade below the neutral zone at 43, which shows that BTC is currently under intense selling pressure.
If the bears continue exerting pressure on the asset, the price of Bitcoin may plunge back to the $55,137 support area.
However, with the RSI now on a downward trend, the bulls may capitalize on the asset being undervalued to buy more.
If the bulls prompt a buying spree at this level, BTC could go through a bullish trend reversal, pushing BTC to the $64,000 monthly high.
As Bitcoin tumbles, investors are sending cash to the new meme coin casino project Memebet Casino (MEMEBET Token), which popular YouTube channel Cryptonews, with over 10k subscribers, says could see a 100x explosion after launch.
Memebet Casino Raises Over 232K In Less Than A Week
Memebet Casino (MEMEBET TOKEN) is set to become the first online crypto casino that enables investors to bet using meme coins.
Not the casino we deserve but the casino we need 🎰 #MemeBet #Presale & #Airdrop coming soon! 🚀 #Memecoins, #Crypto gaming and more! 🎮🏆 $COIN $DOG $PEPE #SOL #RNDR pic.twitter.com/oR2xja6JFK
— MemeBet (@Memebetcasino) May 23, 2024
This pioneering project, which has raised over $232K through its presale in less than a week, could finally bring the long-term utility that the meme coin space needs to be sustainable.
The project caters to the “degen” community, offering high-stakes gameplay, a global sportsbook that covers major leagues like the EPL and NBA, and a diverse selection of crypto-native games.
Big-name meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) and many more can all be wagered on the decentralized platform.
By acquiring $MEMEBET Token, you can also unlock a range of benefits, which include a substantial play-to-earn airdrop, exclusive degen rewards, and VIP perks.
Bro's asking the right questions 🧐#MemeBet #Presale & #Airdrop soon ⏰
The number one place for #Crypto gaming and more! 💥 🎰$FTM $BTC #SOL #Bonk #WIF #Doge #BOME #Altseason pic.twitter.com/NLds73vdTX
— MemeBet (@Memebetcasino) May 19, 2024
If you bet using $MEMEBET Token, you can also increase your rewards through the platform’s play-to-earn system. Wager more and get even bigger returns.
With a price increase scheduled in slightly more than a day, act fast to secure the best deal.
To join the presale, buy $MEMEBET Token on the official website here for $$0.0251 using USDT, ETH, or a bank card.
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