The Bitcoin price has surged 7% in the last week and 0.9% over the last 24 hours to trade at $67,251 as of 02:38 a.m. EST on volume that jumped 62%.
Optimism continues to abound in the crypto market with top analyst and Bybit’s top Master Trader Bluntz predicting that the Bitcoin price will rise to $110,000.
He bases this prediction on the analysis that BTC is in the midst of a five-wave surge en route to new all-time highs.
Bluntz’s analysis uses the Elliott Wave theory that says a bullish asset will experience a five-wave rally with the first, third, and fifth waves being to the upside, while the second and fourth waves are periods of correction.
Meanwhile, crypto investors have their eyes focussed on the Bitcoin 2024 Conference in Nashville, Tennessee starting July 25. With billionaires from different industries lined up on the attendance list, the BTC community’s hopes remain high.
Bitcoin Price Prediction
The Bitcoin price is trading with a bullish bias, recording strong higher highs on the one-day timeframe against the US dollar (USD). It has escaped the Fibonacci Golden Zone and holds well above the 38.2% retracement level of $65,772.
Looking at the Relative Strength Index (RSI), which is well above the mean level of 50, bullish momentum abounds in the BTC market. Its position below the threshold of 70 shows there is still more room to the upside before BTC is considered overbought and a correction or pullback is due.
The Moving Average Convergence Divergence (MACD) is also above the signal line (orange band), and in positive territory. The histogram bars of the MACD also flash green, further tilting the odds in favor of the bulls.
Bitcoin Price Could Test $73,553
Increased buyer momentum above current levels could see the Bitcoin price shatter the 23.6% Fibonacci retracement level of $68,746. In a highly bullish case, BTC could extend a neck higher to test the $73,553 range high, levels last seen around mid-March.
Based on the volume profile, whose nodes have spiked (yellow), there is a herd of bulls waiting to interact with the Bitcoin price in its next show of strength.
GeckoTerminal: BTC/USD 1-day chart
Converse Case
On the other hand, if the bears take over the market, the Bitcoin price could extend the fall. A break and close below the 38.2% Fibonacci retracement level would plunge BTC back into the Fibonacci Golden Zone, with the potential for further dump.
A candlestick close below the 50% Fibonacci placeholder of $63,369 would provoke selling, with the massive sell-orders invigorating the prospective downtrend.
Nevertheless, the bullish thesis for the Bitcoin price would only be invalidated upon a candlestick close below $53,185. Such a move would constitute a 20% drop below current levels.
Meanwhile, the 99Bitcoins (99BTC) ICO has just blasted past $2.5 million in funds raised in its presale. Influential YouTuber Jacob Bury says that it can potentially turn $1K into $10K after its launch.
Promising Alternative To Bitcoin
Since its inception in the crypto realm, 99Bitcoins has gained traction as a major pillar of crypto education. The platform has over 2 million registered users and more than 705,000 subscribers on its YouTube channel.
Its 99Bitcoins ICO aims to gamify crypto education by allowing users to complete lessons and tackle challenges to earn higher rankings and rewards through $99BTC tokens.
The project merges with BRC-20, allowing developers to build dApps on the Bitcoin Network seamlessly.
Token holders can also earn passively through the project’s staking model , which offers investors an impressive 686% annual percentage yield (APY).
Investors can buy the 99BTC token for $0.00114. With a price hike due in less than 23 hours, buy soon to nail the best price.
Visit and buy 99Bitcoins here .
Also Read:
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- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
