The Bitcoin price rose a fraction of a percent in the last 24 hours to trade at $74,618 as of 03:09 a.m. EST on trading volume that dropped 8% to $82.8 billion.
Copper.co, a digital asset custodian, says that a Bitcoin price of $100k is ”quite possible by the time the 47th U.S. President heads to the Capitol for inauguration day on January 20.”
Bitcoin Price Could Surge
The Bitcoin price has been moving within an ascending channel (white lines), suggesting a bullish trend. Recently, it has reached the upper boundary of this channel and is testing resistance around $74,618, according to data from GeckoTerminal .
The price of Bitcoin now trades well above the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the continued uptrend since September.
Moreover, the Relative Strength Index (RSI) is at 67.27, close to the overbought level of 70. This shows strong momentum, but it’s nearing a level where it could face resistance or even a minor correction. However, an RSI in this range during a strong trend may stay elevated for a while without necessarily causing a reversal.
The Moving Average Convergence Divergence (MACD) line (blue) is well above the signal line (orange), with a positive value, indicating bullish momentum. Additionally, both MACD and signal lines are above the zero line, which further supports a positive outlook.
Bitcoin Price Chart Analysis Source: GeckoTerminal
Bitcoin Price Prediction
The BTC/USD chart analysis on the 12-hour timeframe shows that the Bitcoin price is still under a sustained bullish rally within the rising channel pattern, as the bulls aim to sustain the trend. Major indicators show that the asset could still soar, as the bulls target $80,000 in the short term.
However, if the bears gain control of the BTC price at this level, the price of Bitcoin could plunge back to the $68,607 support, which is along the lower boundary of the rising channel.
Meanwhile, investors seeking opportunities in the PolitiFi space of the crypto market might want to consider FreeDum Fighters ($DUM) , which has blasted past $445k in funds raised in its presale.
According to 99Bitcoins, a prominent crypto channel with over 706K subscribers, $DUM has the potential to surge 100X after its launch.
FreeDum Fighters Presale – Next Crypto To Explode?
FreeDum Fighters brings a playful twist to the US elections, inviting investors to the blockchain version of the US election.
The choice is between MAGATRON, a mechanized version of Donald Trump, or Kamacop 9000, representing Vice President Kamala Harris.
MAGATRON currently boasts a 273% annual staking return for its supporters (stakers), while Kamacop 9000 offers a dazzling 725% annual return.
MAGATRON has so far achieved a bigger victory than that by Donald Trump on Nov. 5, with DUM token holders giving him 66% of the vote (staked tokens) to Harris’s 34%.
$DUM holders can also participate in lively debates, and earn rewards based on the chosen candidate’s performance.
DUM tokens are priced at $0.00007 right now. Buy before a price hike in a little more than 2 days to lock in the best deal.
Visit the official FreeDum Fighters website to buy $DUM tokens here using ETH, BNB, USDT, USDC, or SOL.
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