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The Bitcoin price rose 2% in the last 24 hours to trade at $96,959.68 as of 9:42 p.m. EST as investors slowly start to buy the crypto.
The uptick in the BTC price comes as Bitwise’s head of European research, André Dragosch, predicts Bitcoin could rise to beyond $1 million per coin by 2029.
“Our in-house prediction is $1 million by 2029. So that Bitcoin will match gold’s market cap and total addressable market by 2029,” he said in an X spaces chat.
Bitcoin Price Breaks Resistance
Daily chart for BTC/USDT (Source: TradingView)
The Bitcoin price breached the resistance at $94,650.81 in the last 48 hours. Now, the leading crypto has the room needed to potentially rise above the psychological $100K barrier and potentially reach as high as $103,067.40 in the short term.
However, traders taking profit or a sudden bearish reversal of BTC’s trend could prevent the bullish climb above $100K from happening. In a more bearish scenario, the Bitcoin price might drop back below the $94,650.81 mark. This could then put the crypto at risk of plunging down to $84,993.15. An extremely bearish case might even lead to BTC falling to $75,583.11.
Bulls Losing Their Grip On The Bitcoin Price
Looking at technical indicators on the daily chart, there has been a weakening of BTC’s bullish momentum. This is evident by the Moving Average Convergence Divergence (MACD) line that started to drop towards the MACD Signal line in the last couple of days. If the gap between these technical indicators continues to shrink, it could lead to a bearish crossover.
Buyers do, however, still have the upper hand over sellers, as evident by the Relative Strength Index (RSI) value above the neutral 50 mark. Traders will want to keep an eye on this indicator, because the current reading does suggest the Bitcoin price is in overbought territory.
A high RSI reading is a classic sell signal, as traders usually see it as a sign that a crypto’s downside potential is greater than its upside potential. While this may be a warning of an impending correction, there have been instances in the past when RSI readings remain high for sustained periods of time.
As the Bitcoin price tries to continue climbing, investors are also buying into a new meme coin called BTC Bull Token (BTCBULL). YouTube channel 99Bitcoins, with its over 725K subscribers, says BTCBULL has the potential to soar 10X after its launch.
This Meme Coin Could Be The Smartest Bitcoin Play For Retail Investors
BTC Bull Token is a Bitcoin branded meme coin that wants to support the largest crypto by market cap on its journey to $1 million per coin. The recent prediction by the Bitwise executive suggests this milestone might be achieved sooner than many expect.
As Bitcoin rises to new heights, BTC Bull Token will celebrate certain milestones by airdropping free BTC to its investors. There will also be milestone-based BTCBULL token burns along the way to increase the scarcity and value of the project’s own meme coin.
The first Bitcoin airdrop will happen when BTC hits $150K for the first time. Thereafter, every $50K rise in the market leader’s price will result in another airdrop. BTCBULL token burns will follow the same approach, but will happen with every $25K increase in BTC’s price, starting at $125K.
With institutions piling into Bitcoin, it’s only a matter of time before BTC becomes too expensive for the average retail investor to buy into. Although investors will still be able to buy a fraction of a Bitcoin, BTC Bull Token might be the smarter play. Not only does the token reward its holders with free BTC, it allows them to build exposure in both BTCBULL and Bitcoin simultaneously.
Investors Pile Into BTCBULL’s Ongoing Presale
BTC Bull Token’s ongoing ICO is pulling investors in, and has already managed to raise over $5.2 million in early-stage funding. With the chance to receive free Bitcoin, combined with the project’s BTC and meme coin appeal, it’s easy to see why a buying frenzy has erupted around the token’s presale.
Interested investors can buy BTCBULL through the simple widget embedded on the project’s website using either crypto or bank card. Once bought, the tokens can also be staked for a 78% APY.
Investors will want to hurry, because BTCBULL’s price will increase as its presale progresses. Currently selling for just $0.00249, anyone looking to buy has less than 31 hours before the next price hike comes into effect.
Visit the BTC Bull Token website.
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