Bitcoin Price Prediction: BTC Surges Past $70,000 Resistance – Is It Time to Buy?

BTC has rebounded by 2.5% over the past 24 hours, with the Bitcoin price reaching $70,561 on a day when the broader crypto market gained by 1.5%.

Bitcoin is now up 6.5% over the past week but down 2% over the month, while still maintaining a 134% increase over the past year.

However, the next 12 months could prove even more favorable for Bitcoin than the previous one, with today’s increase following expectations that rising inflation may force the Federal Reserve to implement rate cuts.

Additionally, with BTC awaiting the next halving in just over a week, further price increases could occur very soon.

Bitcoin Price Prediction: BTC Surges Past $70,000 Resistance – Is It Time to Buy?

BTC’s chart continues to look encouraging, leaving room for further rallies in the near term.

Its 30-day average (orange) began rising again yesterday and still has significant room to grow before BTC enters overbought territory.

Source: TradingView

The same applies to BTC’s relative strength index (purple), which has risen from nearly 20 a couple of days ago to around 60 today.

This indicates that momentum has increased for Bitcoin, yet because the RSI has not climbed above 70, we may see another wave of buyers very soon.

Another interesting detail of the above chart is that the coin’s resistance (red) and support (green) levels appear to be converging, a process that typically suggests a significant move is imminent.

Given that the halving is approaching rapidly, such a move seems likely, and with BTC’s volume remaining high at $38 billion, it is tempting to suggest that this move will be positive.

Indeed, yesterday Grayscale CEO Michael Sonnenshein declared that outflows from the firm’s Grayscale Bitcoin Trust may have reached equilibrium, implying that recent selling pressure is about to end.

#Bitcoin has a history of choppy price action during ATH breaks.

It has a history of choppy price action around the halving event.

All of these cases have one common denominator: price rallied hard after.

Be patient. The best is yet to come.

— Jelle (@CryptoJelleNL) April 11, 2024

One thing investors need to be wary of, however, is that the halving could result in near-term selling as traders “sell the news.”

However, most analysts expect the squeezing of BTC’s supply to push up its price in the longer term.

The coin is only 4% off its all-time high of $73,737, and with funds continuing to buy into BTC in significant volumes, it is surely only a matter of time before it sets a new record.

It could hit $75,000 by May, before reaching $80,000 or even $90,000 by the close of Q3 2024.

Small-Cap Alternatives for Big Gains

As strong as Bitcoin remains, savvy traders should probably consider diversifying their portfolios in preparation for the next major bull market.

If selected wisely, such a portfolio can maximize a trader’s potential exposure to the upside, especially if they are lucky enough to pick the next big winners.

One way to identify new coins for this kind of portfolio is to look for presale coins that have managed successful raises and also possess solid fundamentals.

One of the best examples of this right now comes from 99Bitcoins (99BTC), a new Ethereum-based coin that will serve as the native, learn-to-earn token of the 99Bitcoins website and ecosystem.

Source: 99Bitcoins

As a website, 99Bitcoins has been providing beginner and intermediate traders with learning resources for more than a decade, making it one of the more trusted sources in the crypto market.

It is now branching out into launching its own token, for which it has just opened its presale.

Despite opening only this week, it has already raised $125,000, which is impressive for such a new token and sale.

It is clear that investors have taken confidence from the well-established 99Bitcoins name, and given that 99BTC will have utility within the latter’s platform, it should attract considerable demand over the course of its life.

It will have a supply of 99 billion, with 15% of this going to its presale.

Source: 99Bitcoins

The months following its launch will also see it bridge to the Bitcoin blockchain itself, meaning that holders can convert it to a BRC-20 version.

Combined with its strong reputation and brand, such features should help make it successful once it launches and lists.

Investors can join the sale at the 99Bitcoins website, where 1 99BTC costs $0.001.

Buy 99BTC Today

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