Bitcoin (BTC) Bounces Off The Crucial Support Level; Can it Reach $71,500?

Bitcoin (BTC) has maintained crucial support at the $60,300 price level since May 10. However, after a decisive breakout above $63,000, the bulls are now eyeing a potential breakout with a target of $71,500.

Despite the heightened volatility, many analysts remain bullish on Bitcoin, some estimating a rise above $400,000.Given the growing bullish momentum, will Bitcoin reclaim the coveted $72,000 price level, or is the ongoing uptick only temporary? Let's find out more!

Bitcoin Bounces Back After Brief Dip Below $62,500

Bitcoin's price took a rollercoaster ride recently, dipping below crucial support levels at $62,500 and $62,200 after testing the $63,800 resistance. As the bears pressed on, Bitcoin dropped further to a low of $61,000.

However, timely intervention from buyers triggered a recovery wave, with Bitcoin rebounding above $62,500, even breaking the $63,800 resistance. As of 11:00 AM EST, Bitcoin trades around $64,300, with a 24-hour price uptick of over 4%.

With the bulls charging ahead, will Bitcoin reach the $71,500 target? The following analysis will provide hints.

Bitcoin Price Analysis: Bulls Eyeing a Breakout

A closer look at technical indicators suggests Bitcoin could be gearing up for some notable push. 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, Bitcoin's average price over the past six months is still rising, which shows underlying buying pressure.

Further, Bitcoin is heading towards its 50-day SMA, which sits slightly above the current price. If Bitcoin can break above 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 the short-term momentum favors the bulls (buyers) and could support a price increase.

Based on this technical analysis, a bullish breakout could soon occur. However, due to the cryptocurrency market's inherent volatility, 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 an interview with Yahoo Finance.

In this interview session, Edelman said Bitcoin could reach $420,000. Edelman sees a bright future for Bitcoin thanks to the introduction of the Spot Bitcoin ETFs. He says spot ETFs make it easy for regular investors to invest in Bitcoin via brokerage accounts instead of directly from exchanges.

you can dollar cost average, you can tax loss harvest," Edelman added. However, he warns about Bitcoin's risky nature, with prices often swinging wildly. There's a chance investors could lose all their money very quickly.

Edelman also believes introducing ETFs for Ethereum and other cryptocurrencies could increase crypto adoption. Notably, his big prediction is based on global asset diversification. He thinks that if everyone put just a tiny bit (1%) of their investments into Bitcoin, the price would skyrocket to $420,000.

Furthermore, Edelman also sees a change in how people view Bitcoin. Initially, it was meant to be used for buying things online, but now it's more like a way to store your money, similar to gold. This new perception attracts big investors looking for different types of investments.

New AI Meme Coin Raises $1.8M In Presale - Is it the Next 10X Project

New projects are riding bullish waves, with the meme coin frenzy still waxing strong. Among these is WienerAI (WAI), a new AI-focused meme coin currently in presale.

WienerAI has raised over $1.8 million in its presale in less than a month. What's attracting more buyers to this project? It introduces a perfect blend of meme coins' allure and AI capabilities. This project has a unique trading bot that uses AI to execute trades with great precision.

This AI technology also predicts what might happen in the market, helping investors maximize profits. WienerAI trading bot is not just for experienced traders but also simplified for novice traders.

This AI bot can help users get information about the cryptocurrency space and investing. WienerAI will use this information to provide the best analysis and search different DEXs for the best price rate.

What Sets WienerAI Apart?

This AI bot differs from other bots in the market because it charges zero fees, which is uncommon since most bots charge fees for placing trades and withdrawals.

It also protects against certain unfair market practices, which could make it a big player in the crypto world. Using WienerAI, you can say goodbye to missing out on trades or being outsmarted by bots.

For example, a trader who wants to make money from Bitcoin's price changes can ask WienerAI to check Bitcoin's price and find the best times to buy or sell. Then, they can quickly make their trade using the bot.

The platform offers a trading bot feature and allows you to stake your tokens for nice rewards. You can gain an APY of 524%, which will drop as more people stake their tokens.

According to the site, more than 1.9 billion tokens have been staked already, meaning that investors are actively participating in the project. Generally, WienerAI combines advanced AI tech with funny memes, and its presale is progressing rapidly. This makes it one of the hottest meme coin presales in 2024.

To purchase WienerAI at a low rate of $0.000707, visit the official page and follow the buying process to secure a slot using ETH or USDT.

The post Bitcoin (BTC) Bounces Off The Crucial Support Level; Can it Reach $71,500? appeared first on The Tech Report.