Last updated:
April 12, 2024 07:12 EDT
| 3 min read
BTC has dipped by 0.5% today, with the Bitcoin price more or less holding to the $70,700 level on a day when the crypto market has fallen by 1%.
Bitcoin remains up by 5.5% in a week, with its market cap returning to $1.39 trillion in the past 24 hours, in a sign of returning strength.
And while it is actually down by 3% in the last 30 days, its 135% gain in the past year highlights its medium-term strength, which may only intensify in the coming months.
Because with the next halving just over a week away, and with Bitcoin ETF volumes stabilizing and remaining high, BTC could see further rallies very soon.
Bitcoin Price Prediction as Market Cap Hits $1.39 Trillion – Time to Buy or Sell?
While BTC has wavered a little this morning, it hasn’t suffered enough to derail its underlying momentum.
Its 30-day average (orange) continues to rise steadily above its 200-day (blue), a sign that it remains within a growth spurt.
Source: TradingView
Something similar is going on with its relative strength index (purple), which has risen above 50 today and looks like it could rise higher, in tandem with BTC’s price.
Possibly the most bullish sign right now as far as BTC’s chart is concerned is the fact that its resistance (red) and support (green) levels continue to converge, implying that the coin is nearing a tipping point that could result in a big rally.
BTC also remains the most popular coin in the market by a very wide margin, with CoinsShares’ latest report showing that some $13.5 billion has flooded into the coin from funds over the year to date.
By contrast, its nearest rival (ETH) has seen only $52 million in fund flows over the past 12 months, with this disparity unlikely to change anytime soon (unless Ethereum ETFs gain approval).
And as noted above, BTC still has the next halving to look forward to, and while this may result in a dip in the very near term, the squeeze on the coin’s supply should only help its price overall.
#BTC
3 Phases of The Bitcoin Halving
1. Final Pre-Halving Retrace
The Pre-Halving Retrace has already occurred and is in the books
This Pre-Halving Retrace was -18% deep whereas in 2016 it was -38% and in 2020 it was -19% deep
This Pre-Halving Retrace was the final… pic.twitter.com/xNqAL2cWd7
— Rekt Capital (@rektcapital) April 12, 2024
The halving will also take place in a context where Federal Reserve rate cuts seem increasingly likely, something which will increase investor appetite for risk-on assets such as BTC.
Based on all this, the Bitcoin price could hit $75,000 in the next few weeks, before touching $100,000 by the end of the year.
New High-Potential Altcoins
Bitcoin is the market’s biggest token and is likely to remain the biggest for a long time to come, yet this doesn’t there aren’t other promising investment opportunities out there.
There’s also a variety of up-and-coming alts, with a number of presale tokens accumulating lots of promising momentum as they get ready to list.
For example, 99Bitcoins (99BTC) is a new ERC-20 token that has raised over $160,000 in its sale, which opened earlier this week.
Source: 99Bitcoins
This is a very encouraging total for such a new presale, with investors clearly excited by the underlying fundamentals of 99BTC.
Namely, it will be the new native token of the popular 99Bitcoins website and learning resource, with its launch inaugurating a new learn-to-earn model for 99Bitcoins.
Launched in 2013, 99Bitcoins has been teaching traders the ropes for just over a decade now, with its presence and longevity giving it an enviable reputation within the market.
This helps to explain why its presale has already had such a good start, with the 99BTC token serving to pay for learning resources, subscriptions and other services.
As a token, it will have a supply of 99 billion, with 15% of this going to its presale, and 14% going towards staking rewards.
Source: 99Bitcoins
Interestingly, 99BTC will also launch a BRC-20 (Bitcoin-based) version of its token, giving it applicability within the growing Bitcoin DeFi system.
When added to 99Bitcoin’s strong brand, such features should help 99BTC have a very strong sale and launch.
Investors can participate by going to the 99Bitcoins website, where 1 99BTC currently costs $0.001, although this could rise much higher once it lists.
Buy 99BTC Today
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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