Tech
Bitcoin (BTC) bounces off crucial support level; Can it reach $71,500?
Bitcoin (BTC) has been holding crucial support at the $60,300 price level since May 10. However, after a firm breakout above $63,000, bulls are now eyeing a potential breakout with a target of $71,500.
Despite the increased volatility, many analysts remain bullish on Bitcoin, some estimating a rise above $400,000. Given the growing bullish momentum, will Bitcoin regain the coveted $72,000 price level, or is the ongoing rally only temporary? Let’s find out more!
Bitcoin rebounds after a brief drop below $62,500
Bitcoin price has been on a roller coaster ride recently, falling below the crucial $62,500 and $62,200 support levels after testing the $63,800 resistance. As the bears continued to press on, Bitcoin fell further to a low of $61,000.
However, timely intervention by buyers triggered a wave of recovery, with Bitcoin rebounding above $62,500, also breaking the $63,800 resistance. As of 11 a.m. EST, Bitcoin is trading at around $64,300, with a 24-hour price increase of more than 4%.
With the bulls in charge, will Bitcoin reach the $71,500 target? The following analysis will provide insights.
Bitcoin Price Analysis: Bulls Eye Breakout
A closer look at technical indicators suggests that Bitcoin could be preparing for a major boost. Despite the recent volatility, Bitcoin is still trading above its 200-day simple moving average (SMA).
Trading above the 200-SMA is seen as a sign of a long-term uptrend. In other words, the average price of Bitcoin over the past six months is still rising, which demonstrates underlying buying pressure.
Furthermore, Bitcoin is heading towards its 50-day SMA, which is slightly above the current price. If Bitcoin breaks out of the 50-day SMA, it could be a significant breakout, signaling a potential rise in price and attracting more buyers.
The Moving Average Convergence Divergence (MACD) is currently above its signal line with green histogram bars. This suggests that short-term momentum favors bulls (buyers) and could support a price increase.
Based on this technical analysis, a bullish breakout may occur soon. However, due to the inherent volatility of the cryptocurrency market, risk management should be applied before making a decision.
Bitcoin could reach $420,000, says Asset Manager founder
Eric Edelman, a prominent investor and founder of the Digital Assets Council of Financial Professionals, made a bold prediction in a interview with Yahoo Finance.
In this interview session, Edelman said that Bitcoin could reach $420,000. Edelman sees a bright future for Bitcoin with the introduction of Spot Bitcoin ETFs. According to him, spot ETFs make it easy for regular investors to invest in Bitcoin through brokerage accounts instead of directly from exchanges.
“You can establish dollar cost averaging and tax loss yield,” Edelman added. However, he warns of the risky nature of Bitcoin, with prices often fluctuating wildly. There is a possibility that investors could lose all their money very quickly.
Edelman also plans to introduce ETFs for Ethereum and others cryptocurrencies could increase the adoption of cryptocurrencies. In particular, his big prediction is based on the diversification of global assets. According to him, if everyone invested just a small portion (1%) in Bitcoin, the price would skyrocket to $420,000.
Furthermore, Edelman also sees a change in the way people view Bitcoin. It was originally supposed to be used to buy things online, but now it’s more like a way to store your money, similar to gold. This new perception attracts large investors looking for different types of investments.
New AI meme coin raises $1.8 million in pre-sale – it’s the next 10X project
New projects are riding bullish waves, with the meme coin frenzy still growing strongly. Among them is WienerAI (WAI), a new AI-focused meme coin currently on pre-sale.
WienerAI has raised over $1.8 million in pre-sales in less than a month. What attracts more buyers to this project? It features a perfect blend between the charm of meme coins and the capabilities of artificial intelligence. This project has a unique trading bot that uses artificial intelligence to execute trades with great precision.
This AI technology also predicts what might happen in the market, helping investors maximize profits. The WienerAI trading bot is not only for experienced traders but is also simplified for novice traders.
This AI bot can help users gain insights into the cryptocurrency space and investments. Wiener AI will use this information to provide the best analysis and search different DEXs for the best price.
What sets WienerAI apart?
This AI bot is different from other bots on the market because it does not charge commissions, which is rare since most bots charge commissions for making trades and withdrawals.
It also protects against some unfair market practices, which could make it a big player in the cryptocurrency world. Using WienerAI, you can say goodbye to losing trades or being outsmarted by bots.
For example, a trader who wants to profit from Bitcoin price changes can ask WienerAI to monitor the price of Bitcoin and find the best times to buy or sell. Then, they can quickly place their trade using the bot.
The platform offers a trading bot feature and allows you to stake your tokens for good rewards. You can get an APY of 524%, which will decrease as more people stake their tokens.
According to the site, more than 1.9 billion tokens have already been staked, which means that investors are actively participating in the project. Overall, WienerAI combines advanced artificial intelligence technology with funny memes, and its pre-sale is progressing quickly. This makes it one of the hottest meme coin presales in 2024.
To buy WienerAI at the low price of $0.000707, visit the officer page and follow the purchase process to secure a slot using ETH or USDT.
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