Bitcoin (BTC) Drops After Reaching All-Time High – Is a New Pump on the Way?
The world's leading cryptocurrency, Bitcoin, has shown incredible resilience recently.After hitting an all-time high of $69,000, its price dropped. This was because many investors sold their holdings for profits. This high sell-off resulted in the price dropping to a low of $59,000 in just a few hours.
However, it quickly bounced back, surging over 13% in a single day to reach $66,772. This impressive recovery has reignited discussions about Bitcoin's future price. Many investors and analysts are now speculating that Bitcoin could reach new record highs soon.
As the storyline unfolds, a prominent analyst has predicted that Bitcoin could surge to a staggering $100,000 in the near future.
This bold forecast has captured the attention of the crypto community and also fueled excitement.
Top Analyst Goes Bullish on BTC: $100,000 Target in Sight?A prominent cryptocurrency expert, Michael Novogratz, recently forecasted that Bitcoin could hit $100,000 within the next year.In the interview with Fox Business, Novogratz suggested Bitcoin's price may oscillate between $58,000 and $69,000 for a while before making a stronger upward push.
Notably, Novogratz added a factor that could help the price to increase. According to him, the push will be possible because more people are now getting involved with exchange-traded funds (ETFs).
It's really hard to say right because there's almost like runway momentum in these ETFs,
The crypto mogul added.
This analysis from a respected figure like Novogratz will likely fuel bullish sentiment and influence investor behavior.Bitcoin's price may experience increased volatility as traders position themselves for potential gains.
Another prominent analyst has made a massive bullish prediction about Bitcoin.
Bitcoin Eyes $150,000 Target by 2025 - Analyst PredictsAnother respected trader, Peter Brandt, shared his insights on Bitcoin's future price potential.In a recent post, Brandt ignited discussions by commenting on Bitcoin's new all-time high (ATH) and speculating when it might reach new historic price levels.
When Bitcoin has a sudden and sharp shake-out decline, the market is just winking at you $BTChttps://t.co/Qip2tQ5h44 pic.twitter.com/KSbGYvTFlW
- Peter Brandt (@PeterLBrandt) March 6, 2024
Further, Brandt attached a document where he predicted that one Bitcoin could be as high as $150,000 in 2025.Notable, this prediction is based on an in-depth analysis of Bitcoin's price behavior around its halving cycles.
According to Brandt, if the bull trend after April 2024 is the same as the November 2022 trend, then approaching $150,000 is possible.
Brandt suggested the bullish trend to start April 2024 due to the upcoming halving which will occur the same month. He added that after Bitcoin's halving, prices tend to go up faster than before the halving.
So, traders and investors should position themselves. In Brandt's words:
If the pace of the bull trend after Apr 2024 is at a similar pace to the bull trend since the Nov 2022 low, then the high in Oct 2025 could be around $150,000.
Aside from Brandt's predictions, the bullish sentiment on Bitcoin's price is gaining momentum among various market analysts.Insights from Deribit and Ali Martinez suggest a potential 20.8% rise in Bitcoin's price over the next month, possibly surpassing $80,000 or even $70,000.
So far, Bitcoin has recorded a minor dip of less than 1% in the past 24 hours. But, in the past seven days, the bulls have still been dominating the market, with a 5.69% increase. The daily chart below displays a high possibility of a price increase in the coming days.
Technical Indicators Signal Bullish Momentum
Bitcoin's bullish pressure is remarkably high, propelling its price above the crucial $65,000 level. This bullish stance is evident across various technical indicators, signaling a potential continuation of the upward trend in the upcoming days.
The price is currently trading above the crucial simple moving average (SMA) lines, including the 50-day (yellow) and 200-day (red) lines.These moving averages act as support levels, and their position below the current price highlights the strength of the bullish momentum.
Additionally, the Relative Strength Index (RSI) is currently above 70, indicating that Bitcoin is in overbought territory. While this may raise concerns about a potential correction, it also underscores the significant buying pressure driving the market.
Supporting this bullish sentiment is the SuperTrend indicator, which continues to signal buy opportunities.Know that this indicator is designed to identify the prevailing trend and generate buy or sell signals accordingly.
So, it is suggested that now might be the best time to start accumulating BTC.
Moreover, the Price Volume Trend (PVT) is above 270K, suggesting that the current upward momentum is backed by substantial trading volume.A high PVT value indicates that there's strong pressure and lasting interest from buyers.
This means that sudden changes cannot occur any time soon.
These technical indicators collectively suggest that the bullish sentiment in the Bitcoin market is strong, and investors may continue to ride the wave of positive momentum in the coming days.
However, investors should exercise caution and conduct other research before making any trading decisions.
As the price of BTC grows beyond low-budget investors, another prominent cryptocurrency, Smog, is making headlines with its massive profit opportunities.
Solana-based Meme Coin $SMOG Surges Amid Bitcoin Sustained Gains
$SMOG is causing a stir, rising impressively on the heels of the bullish sentiment in the crypto market.The asset has surged by a whopping 971%, now ranking among the top meme coins in the market.
This surge followed a sudden $12 million increase in trading volume by investors searching for a haven to diversify their portfolios.
Rising $SMOG in Asia During the Year of the Dragon$SMOG is getting popular, especially in Asia, during this lucky dragon year. The token's value has gone up a lot, reaching almost $215 million in market cap. Right now, it's selling for $0.281, up by 60% in just 24 hours.
Looking at the price movement, it could still go up by 90% more before facing any big challenges.
The community expects prices to hit over $0.40 in the coming days. But if prices drop, there's still support to catch it between $0.12 and $0.13. Given $ SMOG's continuous gains, many enthusiasts believe there's room for more growth. If you're interested in joining the train, buy the coin from either Raydium or Jupiter.
The post Bitcoin (BTC) Drops After Reaching All-Time High - Is a New Pump on the Way? appeared first on The Tech Report.