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The Bitcoin price rose 7% in the last 24 hours to trade at $71,062 as of 02:42 a.m. EST on trading volume that soared 130% to $52 billion.
This comes as Bloomberg analysts James Seyffart and Eric Balchunas suddenly increased their odds of spot Ether ETF approvals this month to 75% from 25% previously.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
A Polymarket contract asking if an ether ETF would be approved by May 31 jumped from 10 cents to 61 cents as of press time. This represents a 61% chance of approval.
Ethereum soared nearly 20%, with the crypto market broadly increasing its market capitalization by 7% to a $2.61 trillion.
In the last 24 hours, Bitcoin has been on an upward trajectory, breaking the upper boundary of the symmetrical triangle, as BTC capitalized on the $60,200 support to propel the price, data from GeckoTerminal shows.
Bitcoin Price Set To Continue Its Rally Over The Symmetrical Triangle
Major indicators show that BTC could still be set to soar, with BTC trading above both the 50-day and 200-day Simple Moving Averages (SMAs).
With the BTC price overcoming the 50-day SMA threshold at $65,063, it is set to sustain its surge over the symmetrical triangle pattern.
Moreover, the Relative Strength Index (RSI) is also rebounding from the 50-midline level as it climbs up, currently at 64, as it hurtles towards the 70-overbought region, indicating intense buying pressure.
The Moving Average Convergence Divergence (MACD) is also bullish. The blue MACD line crosses above the signal line (orange), forming a bullish crossover. A bullish crossover could prompt investors to buy more, further propelling the price.
Bitcoin Price Prediction
The Bitcoin price analysis on the 1-day chart indicates that BTC is set to keep soaring over the symmetrical triangle. The bulls are targeting $86,477 in the coming weeks.
However, in an inverse scenario, the bears could exert more pressure at this level, with $65,063 and $52,501 acting as the immediate support levels.
As the BTC price soars, some investors are also buying $99BTC, which has already raised more than $1.4 million as it hurtles towards a $2 million target.
Jacob Bury, a prominent crypto YouTuber, believes that 99BTC has the potential to turn a $1K investment into $10K after launch.
99Bitcoins Presale Hurtles Past $1.4 Million
99Bitcoins (99BTC) has been a sensation as a crypto educational platform, with over 700,000 subscribers on its YouTube channel and more than 2 million people registered for the website’s courses.
With its ICO launch, 99 Bitcoins introduces a learn-to-earn (L2E) concept where users earn by learning about cryptocurrency.
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 aims to enhance the learning experience by gamifying Bitcoin education, where users complete challenges and lessons, earning them higher rankings and $99BTC as rewards.
99Bitcoins also integrates with BRC-20, which allows the building of dApps on the Bitcoin Network.
Users on the platform can also earn passively by staking $99BTC for an impressive 1,141% annual percentage yield (APY).
Introducing $99BTC on BRC-20! 🎓
Since 2013, #99Bitcoins has been the go-to resource for learning about #Cryptocurrency.
We're launching a platform that enables the building of #dApps on top of the #Bitcoin network!💡#LearnToEarn rewards users on the Bitcoin blockchain.🙌
— 99Bitcoins (@99BitcoinsHQ) April 30, 2024
You can buy 99BTC now for $0.00106 per token. If you are tempted to buy 99BTC, do so before a price increase in less than seven days to secure the best price.
To join the presale, you can buy $99BTC from the official website here. You have the option of buying the tokens using ETH, USDT, or a bank card.
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