{"id":611748,"date":"2024-12-20T13:05:33","date_gmt":"2024-12-20T13:05:33","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=611748"},"modified":"2024-12-20T13:05:33","modified_gmt":"2024-12-20T13:05:33","slug":"bitcoin-price-prediction-as-btc-plunges-below-100k-this-crypto-wallet-presale-rockets-past-5m","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-as-btc-plunges-below-100k-this-crypto-wallet-presale-rockets-past-5m","title":{"rendered":"Bitcoin Price Prediction: As BTC Plunges Below $100K, This Crypto Wallet Presale Rockets Past $5M"},"content":{"rendered":"

The Bitcoin price plunged 3% in the last 24 hours to trade at $97,637 as of 02:26 a.m. EST on trading volume that surged 13% to $104 billion.<\/span><\/p>\n

BTC has dropped below the $100k mark, which suggests that some of the market’s most seasoned Bitcoin investors are booking record profits after BTC’s strong rally.<\/span><\/p>\n

Bitcoin Price Could Still Soar<\/h2>\n

The Bitcoin price surged out of a long-term accumulation zone (highlighted in purple), which acted as a strong base around the $60,700 level during the summer months, according to data from <\/span>GeckoTerminal<\/span><\/a>. This breakout was accompanied by higher volume, indicating solid buying interest.<\/span><\/p>\n

Following the breakout, the <\/span>BTC price<\/span><\/a> has formed a rising channel (yellow lines), which suggests a gradual and sustainable uptrend with higher highs and higher lows. The upper boundary of the channel, near $100,000, acts as resistance, while the lower boundary around $96,000 is key support.<\/span><\/p>\n

The 50-day Simple Moving Average (SMA) at $91,666 aligns closely with recent support levels and the rising channel’s lower boundary. Meanwhile, the 200-day SMA at $70,015 represents a critical long-term support level that helped sustain the July accumulation.<\/span><\/p>\n

The Relative Strength Index (RSI) is currently at 50.04, sitting at the neutral zone. This indicates a balance between buying and selling pressure. The RSI has cooled off from overbought levels during the November surge, suggesting the price may be consolidating before the next move.<\/span><\/p>\n

BTC price is currently on a bullish trend, despite the slight retrace to the lower boundary of the rising channel. A breakout above the channel and resistance at $100,000 could lead to a strong rally toward $105,000 or $110,000.<\/span><\/p>\n

\"Bitcoin
BTCUSD Chart Analysis Source: GeckoTerminal<\/figcaption><\/figure>\n

However, a breakdown below $96,000 and the 50-day SMA could signal a deeper correction, potentially targeting $90,000 or the 200-day SMA near $70,000.<\/span><\/p>\n

Meanwhile, investors are rushing into the <\/span>Best Wallet ($BEST)<\/span><\/a> presale, which has already raised over $5.1 million. Crypto Gains, a YouTuber with more than 141K subscribers, says $BEST can easily 10X.<\/span><\/p>\n