Bitcoin (BTC) Rose Above $65,000 Amid Mt. Gox Related Concerns; Can it Hit $70,000?
After days of bearish pressure amid Mt.Gox-related sell-off concerns, Bitcoin's (BTC) price is back above $65,000. Buyers are now in control of the market, but some analysts remain skeptical about whether the bull run has started.
Bitcoin trades at $65,440, indicating a 3.44% increase in the last 24 hours and an 11.55% price gain in the past week. But the big question is: Can Bitcoin sustain the growing momentum andreach $70,000 soon? Let's explore the possibilities.
Bitcoin Price ActionBitcoin started a downward trend on June 5, dropping from a high of $71,000 to $53,660 on July 5. This drop represents a significant decrease of about 24.4%.
This decline sparked concerns among market participants, with some speculating whether the bull run is over. But Bitcoin didn't stay down for long; it has started recovering after a prolonged period of consolidation.
Bitcoin now eyes the $70,000 threshold, and if the bulls hold steady, it could breach and surpass this level soon. A strong close today could seal investors' confidence. However, while the current trend is positive, crypto prices can change quickly, so caution is advised.
Bitcoin's NVT Golden Cross Signals Potential Price SurgeA crypto analyst recently highlighted an interesting trend in Bitcoin's NVT Golden Cross, an indicator that compares Bitcoin's market value to its transaction volume.
According to the report, the NVT Golden Cross has dipped below -1.6, entering the oversold region."Historically, this has often led to price increases for Bitcoin. The last time this happened was just before Bitcoin rallied to a new all-time high.
Despite Bitcoin's recent recovery to over $64,000, the NVT Golden Cross still suggests it's undervalued, meaning there might be room for further price growth.
The analyst believes this could signal the start of a new rally. If this indicator proves accurate, Bitcoin's price might reach new highs in the coming days.
Samson Mow Predicts Bitcoin's Next Bull Run TriggerSamson Mow, a well-known figure in the crypto world, has shared his thoughts on Bitcoin's future. He believes the next big bull run will start when Bitcoin hits $100,000.
Mow sees the recent decline differently. He thinks it's a trick to make everyday investors believe Bitcoin has crumbled. According to Mow, reaching $100,000 could be a turning point, signaling the start of a new, powerful upward trend for Bitcoin.
The bull run starts at $0.1M.
This is just the unwinding of the fakery to make retail think #Bitcoin is over.
- Samson Mow (@Excellion) July 17, 2024
This idea gives hope to those waiting for Bitcoin's next big move. If Mow is correct, investors might want to watch the $100,000 level closely. It could be a sign of significant changes coming to the Bitcoin market.
Bitcoin Technical Analysis: Indicators Point to Bullish Momentum
Bitcoin's price is showing strong bullish signals across multiple technical indicators.Currently, it's trading above both its 50-day and 200-day Simple Moving Averages (SMA).
This bullish sign suggests that BTC is in an uptrend over short- and long-term timeframes. Also, the Relative Strength Index (RSI) is 63, suggesting there's room for growth before the market becomes overextended.
Further, Bitcoin's price is approaching the upper Bollinger Band, indicating a strong bullish momentum. If the price breaks above this upper band, it could signal an even more decisive upward move.
In addition, the Moving Average Convergence Divergence (MACD) is above its signal line, with green histogram bars.Typically, this suggests that buying pressure is outpacing selling pressure currently in the market.
Based on the above technical indicators, BTC appears well-positioned for further gains. Together, the indicators point toward a strong upward momentum. If these bullish signals continue, a move towards $70,000 seems possible.
However, while the technical indicators are promising, reaching $70,000 would still require significant buying pressure.It's a notable milestone that could face resistance. So, traders should be prepared for potential volatility along the way.
Bitcoin Alternative: Pepe Unchained ($PEPU) Gains Momentum in PresalePepe Unchained is gaining significant attention in the crypto world.This new meme coin aims to revitalize the Pepe brand. It offers unique features that set it apart from its predecessors.
Pepe Unchained (PEPU) has already raised over $3.9 million in its presale, showing strong investor interest.
Features That Make Pepe Unchained Stand OutPepe Unchained operates on Layer-2 blockchain, allowing quick bridging with Ethereum. It also promises to enable users to enjoy lower fees and faster transactions, increasing its allure to investors.
Moreover, the project allows $PEPU holders to stake their coins, offering high staking rewards. Current rates are over 482% APY, attractive to investors looking for good returns.
About 331.94 million more tokens have already been staked in the platform.Furthermore, the coin's smart contract has been audited twice, showing its security and reliability. This has boosted investor confidence in the project.
Some experts think Pepe Unchained could be one of this year's most giant meme coins. YouTuber Jacob Crypto Bury called it a potential 100x gem."
Pepe Unchained offers an enticing opportunity for those looking to invest early in a promising project. So, visit its website and purchase the token at $0.0084598 using ETH or USDT.
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