{"id":511562,"date":"2024-04-24T15:28:55","date_gmt":"2024-04-24T15:28:55","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=511562"},"modified":"2024-04-24T15:28:55","modified_gmt":"2024-04-24T15:28:55","slug":"bitcoin-price-prediction-a-btc-technical-event-may-signal-a-new-bull-market-as-this-crypto-education-platform-surges-towards-1m","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-a-btc-technical-event-may-signal-a-new-bull-market-as-this-crypto-education-platform-surges-towards-1m","title":{"rendered":"Bitcoin Price Prediction: A BTC Technical Event May Signal A New Bull Market As This Crypto Education Platform Surges Towards $1M"},"content":{"rendered":"

The Bitcoin price <\/span>rose<\/span><\/a> over 1% in the past 24 hours to trade at $66,652.81 as of 8:15 a.m. EST as investors slowly start to accumulate the largest crypto by market cap.<\/span><\/p>\n

BTC’s lackluster 24-hour performance does not tell the full story, however, as a major bullish technical event is on the cusp of taking place.<\/span><\/p>\n

BTC and the rest of the crypto market might be close to entering the next highly-anticipated bull market as BTC’s 200-day Simple Moving Average (SMA) tries to rise to new heights.<\/span><\/p>\n

The Bitcoin Price Has The Support Of A Long-Term Technical Indicator<\/span><\/h2>\n

\"BINANCE:BTCUSDT<\/p>\n

Daily chart for BTC\/USDT (Source: <\/span>TradingView<\/span><\/a>)<\/span><\/p>\n

The 200 SMA on BTC’s daily chart is approaching the peak that it set on Feb. 24, 2022. Back then, the technical indicator reached a high of $49,452. <\/span><\/p>\n

After rising above this technical barrier in October 2023, <\/span>BTC<\/span><\/a> soared to unprecedented heights. Now, the Bitcoin price has the support of this key long-term technical indicator. This could provide BTC with a strong foundation to rise off of in the coming weeks. <\/span><\/p>\n

What’s more, BTC’s 200-day SMA is currently hovering around $48,088.79, and could still climb given its positive slope. Should it keep rising, BTC’s price will likely follow suit.<\/span><\/p>\n

The SMA breaking above its previous peak might then be identified as a sign that Bitcoin, along with the rest of the crypto market, has entered a bullish cycle. This is due to the fact that historical data shows the most intense phase of past bullish cycles happened when the BTC’s 200-day SMA soared to a new all-time high.<\/span><\/p>\n

BTC Enters A Fresh Short-Term Positive Trend<\/span><\/h2>\n

From a short-term perspective, the Moving Average Convergence Divergence (MACD) recently triggered a major bullish technical flag on the daily chart. This was after the MACD line crossed above the MACD Signal line in the past 48 hours.<\/span><\/p>\n

Traders tend to see this specific technical occurrence as an indication that a crypto has entered into a bullish phase. Since this took place on the daily chart, it suggests that the Bitcoin price has entered into a short to medium-term positive trend.<\/span><\/p>\n

If this trend continues, both the Bitcoin price and the 200-day SMA could keep climbing in the coming couple of days. From a price perspective, <\/span>BTC<\/span><\/a> might look to flip the $69,085.36 resistance into support before potentially soaring to as high as $74,005.<\/span><\/p>\n

Meanwhile, the 200-day SMA could rise as well if the bullish thesis plays out, and possibly attempt to overcome its previous peak. <\/span><\/p>\n

However, a rejection from the $69,085.36 barrier in the next few days might invalidate this bullish thesis. In this alternative scenario, the market leader might retest the immediate support at $65,104.05, before possibly falling to $60,714.87 if the sell pressure persists.<\/span><\/p>\n

With the recent cross between the MACD and MACD Signal line, it seems that a bullish scenario is more likely to play out. <\/span><\/p>\n

Bitcoin <\/span>derivative presales such as <\/span>99Bitcoins<\/span><\/a> (99BTC) could stand to benefit from any increase in BTC’s price. <\/span>Not only is 99BTC a smaller-capped altcoin with higher growth potential than BTC, its branding’s link to Bitcoin means that a surge in interest for the market leader could steer people to 99BTC.<\/span><\/p>\n

An Innovative Approach To Crypto Education<\/span><\/h2>\n

99Bitcoins is a crypto education platform that has become one of the best online learning resources in the Web3 space. <\/span><\/p>\n

With over 709k followers across its social accounts and 2 million registered users on its platform, 99Bitcoins has successfully broken down complex crypto terms for many over the years.<\/span><\/p>\n