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The Bitcoin price increased 2% in the last 24 hours to trade at $83,349 as of 3:30 a.m. EST on trading volume that dropped 20% to $37.58 billion.
Crypto prices in the US saw a small increase yesterday after the Consumer Price Index (CPI) report’s publication. The report revealed that the inflation in the US dropped to 2.8% on a yearly basis in February, compared to the 3% in January of this year. The reading is below analysts’ expectations of 2.9%.
Bitcoin Price Prediction
As a result of the report, Bitcoin’s price, which nearly reached $84k and then dropped to $80.9k, managed to recover back to its current price. However, its Bollinger Bands are narrowing again, suggesting that the uncertainty is still high, and that the coin is likely not going to see a major price boost just yet.
The bands saw a rapid widening yesterday when the price recovered from $80.9k, only to narrow down over time, which is usually a bearish signal. Right now, the price is fluctuating between the lower band and the middle line between the two bands, suggesting that BTC might see another decline in the hours to come.
15-minute chart for BTC/USDT (Source: TradingView)
A similar conclusion can be drawn from the project’s Relative Strength Index (RSI) performance, which has dropped below the neutral value of 50 in the last few hours. After sharp fluctuations over the last few days, which have sent the RSI going from the oversold zone to the overbought one several times, the RSI finally dropped to 37.46 in the last few hours, only to then recover to 50, and drop again.
In other words, and hype that may have derived from the CPI report is already subsiding, leaving the traders cautious, as they likely expect BTC to drop toward $80k again. As a result, anyone who plans to buy Bitcoin for the purpose of trading should likely wait for the coin to reach its bottom and start recovering before they make a move.
Promising Alternative To Bitcoin
While the uncertainty surrounding the BTC price is high right now, investors are optimistic about BTC Bull Token (BTCBULL), a new crypto that calls itself Bitcoin’s official meme coin.
The project launched its presale on Feb. 10, and so far, it has raised over $3.55 million, attracting users with the promise of free Bitcoin. Namely, the project’s goal is to push Bitcoin’s price up, as far as it can go, and help it climb to $1 million or more.
Along the way, it created a series of milestones for the BTC price, and whenever it reaches one of them, the project will conduct airdrops, distributing free BTC to anyone who holds its BTCBULL token.
The next airdrop milestones are $150k, $200k, $250k, and so on, encouraging investments in both Bitcoin and BTCBULL. Being in ICO, BTCBULL currently sells for only $0.002405, meaning that this is the perfect opportunity to buy the coin at a low price, as it could see an increase after going live.
The increase could also come over time due to its token burning mechanism, which will burn a certain amount of BTCBULL whenever Bitcoin’s price goes up by $25k, starting from $125k. Once the next big bull run kicks off, the project could see several burn events within weeks, and possibly conduct an airdrop or two before Bitcoin reaches its limit.
All of this has brought a lot of optimism for the BTCBULL token, which some experts, such as crypto YouTuber Danjo Capital Master, who has over 836k subscribers, think might have 50x potential.
Check out the BTC Bull Token website.
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